Notes to SEFA
Title: Significant Accounting Policies Used in Preparing the SEFA
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal
award 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 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. Expenditures reported on the Schedule
are reported on the accrual basis of accounting. Such expenditures are recognized following the cost
principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or
are limited as 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: Not applicable
During the year ended December 31, 2023, the Authority did not provide any federal awards to sub
recipients.
Title: Indirect Cost Rate
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The Authority has elected not to use the 10% de minimis indirect cost rate as allowed by the Uniform
Guidance.