Notes to SEFA
Accounting Policies: A. Basis of Presentation
The accompanying schedule of expenditures of federal awards includes the state grant activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Single Audit Act and Subpart F 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"). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
B. Significant Accounting Policy
The Authority recognizes grant revenue when earned on an accrual basis; that is, activities prerequisite to obtaining benefit have been completed, such as complying with the terms and conditions of the grant agreement.
De Minimis Rate Used: N
Rate Explanation: The Authority does not have an indirect cost allocation plan nor does it use the de minimis indirect cost
rate of 10%.