Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Pass-Through Entities
Pass-through entity identifying numbers are presented on the Schedule where available.
De Minimis Rate Used: Y
Rate Explanation: Auditee used the de minimis cost rate
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant
activity of the Authority under programs of the federal government for the year ended April 30, 2024. The
information in this Schedule is presented in accordance with the requirements of Uniform Guidance,
Audits of States, Local Governments, and Non-Profit Organizations. 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.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Pass-Through Entities
Pass-through entity identifying numbers are presented on the Schedule where available.
De Minimis Rate Used: Y
Rate Explanation: Auditee used the de minimis cost rate
Expenditures
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Pass-Through Entities
Pass-through entity identifying numbers are presented on the Schedule where available.
Title: NOTE 3 – 10% DE MINIMIS INDIRECT COST RATE
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Pass-Through Entities
Pass-through entity identifying numbers are presented on the Schedule where available.
De Minimis Rate Used: Y
Rate Explanation: Auditee used the de minimis cost rate
The Authority has selected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section
200.414.
Title: NOTE 4 – SUBRECIPIENT RELATIONSHIPS
Accounting Policies: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Pass-Through Entities
Pass-through entity identifying numbers are presented on the Schedule where available.
De Minimis Rate Used: Y
Rate Explanation: Auditee used the de minimis cost rate
The Authority did not remit any funds to subrecipients.