Notes to SEFA
Accounting Policies: 1. Basis of presentation - the accompanying schedule of expenditures of federal awards includes the
grant activity of the Northwest Regional Airport Authority and is presented on the accrual basis of
accounting. The information in this schedule is presented in accordance with requirements of Title 2
U.S. Code of Federal Regulations Part 200, Cost Principles and Audit Requirements for Federal
Awards ("Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from
amounts presented in, or used in, the basic financial statements.
2. Management has reported that expenditures in the schedule of expenditures of federal awards are
equal to or derived from amounts reported in the annual or final cost reports. Unallowed differences,
if any, have been disclosed to the auditor.
3. The financial report including claims for advances and reimbursements and amounts claimed or used
for matching, are timely, completed, accurate and contain information that is supported by the 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 Administrative
Requirements.
5. A reconciliation of expenditures on the schedule of expenditures of federal awards and sources on the
financial statement are as follows:
Federal grants per statement of revenues, expenses and changes
in net position $ 3,932,930
Federal capital contributions 6,490,402
Total federal expenditures per schedule of expenditures of
federal awards $ 10,423,332
De Minimis Rate Used: N
Rate Explanation: 4. The Authority did not use the 10% de-minimis cost rate under the Uniform Administrative
Requirements.