Notes to SEFA
Title: General
Accounting Policies: The accompanying Schedule the federal grant activity of the Airport and is presented in accordance with accounting principles generally accepted in the United States of America. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance or UG).
De Minimis Rate Used: N
Rate Explanation: The Airport did not elect to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal financial assistance programs of the Kenton County Airport Board (the Airport). The Airport's reporting entity is defined in Note 1 to the Airport's financial statements. All federal financial assistance was received directly from federal agencies, unless otherwise indicated on the Schedule. No amounts were provided to subrecipients and the Airport did not elect to use the 10% de minimis indirect cost rate.
The grant revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the Airport. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.
Title: Basis of Presentation
Accounting Policies: The accompanying Schedule the federal grant activity of the Airport and is presented in accordance with accounting principles generally accepted in the United States of America. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance or UG).
De Minimis Rate Used: N
Rate Explanation: The Airport did not elect to use the 10% de minimis indirect cost rate.
The accompanying Schedule the federal grant activity of the Airport and is presented in accordance with accounting principles generally accepted in the United States of America. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance or UG).
Title: Reconciliation to Financial Statements
Accounting Policies: The accompanying Schedule the federal grant activity of the Airport and is presented in accordance with accounting principles generally accepted in the United States of America. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance or UG).
De Minimis Rate Used: N
Rate Explanation: The Airport did not elect to use the 10% de minimis indirect cost rate.
Following is a reconciliation of amounts per the Schedule to the 2023 financial statements (amounts rounded to nearest thousand):
Grants and federal awards, nonoperating changes in net position $ 25,007
Less: Federal receipts not subject to uniform guidance requirements (393)
Less: Local government grants not funded by federal resources (138)
Grants and federal awards, capital contributions 53,278
Police forfeiture revenues expended for operations, operating expenses 172
Police forfeiture revenues expended capital expenditures 25
Other 6
Expenditures of revenues from federal sources reported on the Schedule $ 77,957