Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the Schedule) are
reported on the accrual basis of accounting. Such expenditures are recognized following
Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10-percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The Schedule includes the federal award activity of Jamestown Regional Airport Authority under
programs of the federal government for the year ended December 31, 2023. 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 Jamestown Regional Airport Authority, it is not intended
to and does not present the financial position, changes in net position, or cash flows of the
Jamestown Regional Airport Authority.