Notes to SEFA
Title: Note 1--Basis of Presentation
Accounting Policies: The Schedule reported expenditures on the accrual basis of accounting. Recognized expenditures follow the cost principles in the Uniform Guidance, wherein certain expenditures are not allowed or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Costs Rate allowed under the Uniform Guidance.
The above Schedule of Expenditures of Federal Awards includes the federal award activity of the Authority under programs of the federal government for the year ended September 30, 2023. The information on this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of the Authority's operations, it is not intended to present the financial net position, changes in net position, or cash flows.
Title: Note 2--Summary of Significant Accounting Policies
Accounting Policies: The Schedule reported expenditures on the accrual basis of accounting. Recognized expenditures follow the cost principles in the Uniform Guidance, wherein certain expenditures are not allowed or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Costs Rate allowed under the Uniform Guidance.
The Schedule reported expenditures on the accrual basis of accounting. Recognized expenditures follow the cost principles in the Uniform Guidance, wherein certain expenditures are not allowed or are limited to reimbursement.
Title: Note 3--Subrecipients
Accounting Policies: The Schedule reported expenditures on the accrual basis of accounting. Recognized expenditures follow the cost principles in the Uniform Guidance, wherein certain expenditures are not allowed or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Costs Rate allowed under the Uniform Guidance.
The Authority did not provide any federal awards to sub-recipients during the year.
Title: Note 4--Loans
Accounting Policies: The Schedule reported expenditures on the accrual basis of accounting. Recognized expenditures follow the cost principles in the Uniform Guidance, wherein certain expenditures are not allowed or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Costs Rate allowed under the Uniform Guidance.
The Authority had no outstanding loans or loan guarantee programs on September 30, 2023.
Title: Note 45--Indirect Cost Rate
Accounting Policies: The Schedule reported expenditures on the accrual basis of accounting. Recognized expenditures follow the cost principles in the Uniform Guidance, wherein certain expenditures are not allowed or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Costs Rate allowed under the Uniform Guidance.
The Authority has elected not to use the 10% De Minimus Indirect Cost Rate allowed under the Uniform Guidance.