Audit 317434

Title: Summary of Significant Accounting Policies Applicable to the Schedule of Expenditures of Federal Awards Accounting Policies: The expenditures included in the accompanying schedule were reported on an accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. De Minimis Rate Used: N Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414. Scope of Presentation The accompanying schedule presents the expenditures incurred (and related awards received) by the Authority that are reimbursable under federal programs of federal agencies providing financial assistance and state awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal or state funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal or state reimbursement authorized or the portion of the program expenditures that were funded with local or other nonfederal funds are excluded from the accompanying schedule. Basis of Accounting The expenditures included in the accompanying schedule were reported on an accrual basis of accounting. Expenditures are recognized in the accounting period in which the related liability is incurred. Expenditures reported included any property or equipment acquisitions incurred under the federal program. Sub‐Recipients During the fiscal year ended December 31, 2023, the Authority made no payments to sub recipients. Indirect Cost Rate The Authority has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance, Section 414.