Audit 30985

Accounting Policies: 1. Basis of presentation The accompanying schedule of expenditures of federal awards includes thegrant activity of Northwest Regional Airport Authority and is presented on the accrual basis ofaccounting. The information in this schedule is presented in accordance with requirements of Title2 U.S. Code of Federal Regulations Part 200, Cost Principles and Audit Requirements for FederalAwards (Uniform Guidance). Therefore, some amounts presented in this schedule may differfrom amounts presented in, or used in, the basic financial statements.2. Management has reported that expenditures in the schedule of expenditures of federal awards areequal to or derived from amounts reported in the annual or final cost reports. Unalloweddifferences, if any, have been disclosed to the auditor.3. The financial report including claims for advances and reimbursements and amounts claimed orused for matching, are timely, completed, accurate and contain information that is supported bythe books and records from which the basic financial statements have been prepared.4. The Authority did not use the 10% de-minimis cost rate under the Uniform AdministrativeRequirements.5. A reconciliation of expenditures on the schedule of expenditures of federal awards and sources onthe financial statements are as follows:Federal grants per statement of revenues, expensesand changes in net position $5,257,005Federal capital contributions 2,348,025Total federal expenditures per schedule of expendituresof federal awards $7,605,030 De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.