Notes to SEFA
Title: Basis of Accounting
Accounting Policies: 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 to a reimbursement. There have been no indirect costs charged to the Authority’s grants, therefore, the Authority did not elect the 10% de minimis indirect cost rate or any other indirect rate.
De Minimis Rate Used: N
Rate Explanation: There have been no indirect costs charged to the Authority’s grants, therefore, the Authority did not elect the 10% de minimis indirect cost rate or any other indirect rate.
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 June 30, 2024. 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). 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 assets, or cash flows of the Authority.
Title: Summary of Significant Accounting Policies
Accounting Policies: 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 to a reimbursement. There have been no indirect costs charged to the Authority’s grants, therefore, the Authority did not elect the 10% de minimis indirect cost rate or any other indirect rate.
De Minimis Rate Used: N
Rate Explanation: There have been no indirect costs charged to the Authority’s grants, therefore, the Authority did not elect the 10% de minimis indirect cost rate or any other indirect rate.
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 to a reimbursement.
There have been no indirect costs charged to the Authority’s grants, therefore, the Authority did not elect the 10% de
minimis indirect cost rate or any other indirect rate.