Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
awards activity of the 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 Authority's operations, it is not intended to and does not present the Authority's financial
position, changes in net positions, or cash flows.
The amounts presented in the Schedule agree to the amounts presented in or used in the preparation of
the basic financial statements.
Title: Summary of Significant Accounting Policies
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The Schedule is presented using the accrual basis of accounting, which is the method used to prepare
the Authority’s basic financial statements. Note 2 of the Authority’s basic financial statements describes
the significant accounting policies used by the Authority. Such expenses are recognized following the
cost principles contained in Uniform Guidance, wherein certain types of expenses are not allowable or
are limited to reimbursement.
Title: Subrecipients
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The Authority reported no subrecipient grant activity.
Title: Indirect Cost
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: N/A
The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform
Guidance.