Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenses reported on the Schedule are reported under the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Airport did not use an indirect cost rate when calculating federal expenditures.
The above Schedule of Expenditures of Federal Awards includes the federal grant activity of International Falls-Koochiching County Airport Commission and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Single Audit Act; Subpart F of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
Title: Note 2 - Subrecipients
Accounting Policies: Expenses reported on the Schedule are reported under the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Airport did not use an indirect cost rate when calculating federal expenditures.
The Airport did not pass any federal funds to subrecipients during the year ended December 31, 2023.
Title: Note 3 - Pass-Through Identifier
Accounting Policies: Expenses reported on the Schedule are reported under the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Airport did not use an indirect cost rate when calculating federal expenditures.
The Airport's pass-through identifying number is unknown.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: Expenses reported on the Schedule are reported under the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Airport did not use an indirect cost rate when calculating federal expenditures.
The Airport did not use an indirect cost rate when calculating federal expenditures.