Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditrues reported on the Schedule are reported on the GAAP basisof accouting. Such expenditures are recognized following the cost principles contianted in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Authority and is presented on the full accrual basis of accounting. The information in this 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 (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.
Title: Subrecipients
Accounting Policies: Expenditrues reported on the Schedule are reported on the GAAP basisof accouting. Such expenditures are recognized following the cost principles contianted in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority provided no federal awards to subrecipients during the year ended December 31, 2023.
Title: Disclosure of Other Forms of Assistance
Accounting Policies: Expenditrues reported on the Schedule are reported on the GAAP basisof accouting. Such expenditures are recognized following the cost principles contianted in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority received no federal awards of non-monetary assistance that are required to be disclosed for the year ended December 31, 2023. The Authority had no loans, loan guarantees, or federally restricted endowment funds required to be disclosed for the year ended December 31, 2023.