Notes to SEFA
Title: 1
Accounting Policies: NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting.
Measurement Focus
The determination of when an award is expended is based on when the activity related to the award
occurred.
Program Type Determination
Type A programs are defined as federal programs with federal expenditures exceeding $750,000.
The threshold of $750,000 was used in distinguishing between Type A and Type B programs.
Method of Major Program Selection
The risk-based approach was used in the selection of federal programs to be tested as major
programs. The Authority qualified as a low-risk auditee for the fiscal year ended June 30, 2024.
De Minimis Indirect Cost Rate
During the year ended June 30, 2024, the District did not use the de Minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: During the year ended June 30, 2024, the District did not use the de Minimis indirect cost rate.
NOTE 1. SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting.
Measurement Focus
The determination of when an award is expended is based on when the activity related to the award
occurred.
Program Type Determination
Type A programs are defined as federal programs with federal expenditures exceeding $750,000.
The threshold of $750,000 was used in distinguishing between Type A and Type B programs.
Method of Major Program Selection
The risk-based approach was used in the selection of federal programs to be tested as major
programs. The Authority qualified as a low-risk auditee for the fiscal year ended June 30, 2024.
De Minimis Indirect Cost Rate
During the year ended June 30, 2024, the District did not use the de Minimis indirect cost rate.
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