Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: MODIFIED CASH BASIS OF ACCOUNTING
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Vermilion Regional Airport Authority under the Department of Transportation program of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations 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 Vermilion Regional Airport Authority's, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Vermilion Regional Airport Authority.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: MODIFIED CASH BASIS OF ACCOUNTING
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Such expenditures are reqcognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note C - Indiredt Cost Rate
Accounting Policies: MODIFIED CASH BASIS OF ACCOUNTING
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Vermilion Regional Airport Authority has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note D - Granting Agency's Programs
Accounting Policies: MODIFIED CASH BASIS OF ACCOUNTING
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The financial statement findings and federal award findings and questioned costs had no effect on the granting agency's programs. There were no related party transactions or other issues with a potentially significant adverse effect on the granting agency's programs.
Title: Note E - Going Concern
Accounting Policies: MODIFIED CASH BASIS OF ACCOUNTING
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
There is no going concern or other significant financial difficulty.