Notes to SEFA
Title: Basis of Presentation
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 allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% De Minimus Cost Rate.
The above schedule of expenditures of federal awards includes the federal grant activity of the Authority and is presented on the accrual basis of accounting. The information on 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. Because the schedule presents only a selected portion of operations of the Authority it is not intended to and does not present the financial net position, changes in net position or cash flows of the Authority.
Title: Awards Passed through to Subrecipients
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 allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% De Minimus Cost Rate.
No federal award funds were passed through to subrecipient grantees during the fiscal year ended March 31, 2024.
Title: Non-monetary Federal Awards Assistance
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 allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% De Minimus Cost Rate.
The Authority did not receive or expend non-monetary federal awards assistance during the fiscal year ended March 31, 2024.