Title: 1. Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditure of Federal Awards includes the federal grant activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some of the amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements. The accompanying Schedule of Expenditure of Federal Awards is presented using the cost principles from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimus indirect cost rate from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
The accompanying Schedule of Expenditure of Federal Awards includes the federal grant activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some of the amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements. The accompanying Schedule of Expenditure of Federal Awards is presented using the cost principles from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
Title: 2. Project Detail and Matching Funds
Accounting Policies: The accompanying Schedule of Expenditure of Federal Awards includes the federal grant activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some of the amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements. The accompanying Schedule of Expenditure of Federal Awards is presented using the cost principles from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimus indirect cost rate from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
The following table summarizes project costs to date that were active during the year ended June 30, 2024, including cash and in-kind matching contributions expended by the Authority in accordance with the terms of the grant. The Authority receives federal contributions totaling 90% of actual expenditures incurred on qualified airport improvement projects, and the Authority provides the remaining match. The CARES Act provided funds to increase the federal share to 100% for certain Airport Improvement Program grants in 2024.
Title: 3. Cost Principles
Accounting Policies: The accompanying Schedule of Expenditure of Federal Awards includes the federal grant activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some of the amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements. The accompanying Schedule of Expenditure of Federal Awards is presented using the cost principles from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimus indirect cost rate from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
The accompanying Schedule of Expenditure of Federal Awards is presented using the cost principles from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
Title: 4. Indirect Costs
Accounting Policies: The accompanying Schedule of Expenditure of Federal Awards includes the federal grant activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some of the amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements. The accompanying Schedule of Expenditure of Federal Awards is presented using the cost principles from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimus indirect cost rate from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
The Authority did not elect to use the 10% de minimus indirect cost rate from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.