Audit 327521

Accounting Policies: NOTE 1 – BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the “schedule”) includes the federal award activity of the Kindred Davenport Regional Airport under programs of the federal government for the year ended December 31, 2018. The information in this schedule is presented in accordance with the requirements 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). The amounts reported on the schedule have been reconciled to and are in agreement with amounts recorded in the accounting records from which the financial statements have been reported. NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the schedule are reported on the cash basis of accounting. Such expenditures are recognized following the applicable cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited as to reimbursement. The Kindred Davenport Regional Airport has not elected to use the 10-perecnt de minimis cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: NA