Notes to SEFA
Title: Summary of Significant Accounting Policies Applicable to the Schedule of Expenditures of Federal Awards:
Accounting Policies: 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 awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal funds are 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, state, local or other nonfederal funds are excluded from the accompanying schedule. The expenditures included in the accompanying schedule were reported on the 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.
The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial position or results of operations of the Authority.
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.
1. 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 awards. For the purposes of this schedule, only the portion of program expenditures reimbursable with such federal funds are 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, state, local or other nonfederal funds are excluded from the accompanying schedule.
2. Basis of Accounting
The expenditures included in the accompanying schedule were reported on the 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.
The Schedule was prepared from only the accounts of the grant programs and, therefore, does not present the financial position or results of operations of the Authority.
3. Indirect Costs Rate
The Authority has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance Section 414.