Notes to SEFA
Title: General
Accounting Policies: The Schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform Guidance Section 200.414.
The accompanying Schedule of Expenditures of Federal Awards (the"Schedule") presents the activities of the federal financial assistance programs of the Norfolk Airport Authority
Title: Basis of Accounting
Accounting Policies: The Schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform Guidance Section 200.414.
The Schedule is presented using the accrual basis of accounting.
Title: De Minimus Cost Rate
Accounting Policies: The Schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform Guidance Section 200.414.
The auditee has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform Guidance Section 200.414.