Notes to SEFA
Accounting Policies: Note 1: Summary of Significant Accounting Policies Applicable to the Schedule of Expenditures of Federal Awards
A.Scope of PresentationThe accompanying schedule presents only the expenditures incurred by the Monterey Peninsula Airport District (the District), that are reimbursable under federal programs of federal financial assistance. For the purposes of this schedule, federal awards include both federal financial assistance received directly from a federal agency, as well as federal funds received indirectly by the District from a non-federal agency or other organization. Only the portion of program expenditures reimbursable with such federal funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal reimbursement authorized or the portion of the program expenditures that were funded with state, local or other non-federal funds are excluded from the accompanying schedule.
B.Basis of AccountingThe expenditures included in the accompanying schedule were reported on the accrual basis of accounting. Under the accrual basis of accounting, expenditures are incurred when the District becomes obligated for payment as a result of the receipt of the related goods and services. Expenditures reported included any property or equipment acquisitions incurred under the federal program. The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
C.Relationship to Federal Financial ReportsAmounts reported in the SEFA agree to or can be reconciled with the amounts reported in the related federal financial reports.
D.Relationship to Basic Financial StatementsThe SEFA agrees to or can be reconciled with the amounts reported in the District’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: District did not use the de minimis cost rate