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 allowable or are limited as to reimbursement. Negative amounts (if any) shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The
Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance. The Authority does not pass-through federal funds.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant
activity of Capital Region Airport Authority under programs of the federal government for the year ended June
30, 2024. 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 Capital Region Airport Authority it is not intended to and does not present the financial position, changes in
net position or cash flows of Capital Region Airport Authority.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 allowable or are limited as to reimbursement. Negative amounts (if any) shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The
Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance. The Authority does not pass-through federal funds.
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 allowable or are limited as to reimbursement. Negative amounts (if any) shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available. The
Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance. The Authority does not pass-through federal funds.
Title: RECONCILIATION WITH THE AUDITED FINANCIAL STATEMENT
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 allowable or are limited as to reimbursement. Negative amounts (if any) shown on the
Schedule represent adjustments or credits made in the normal course of business to amounts reported as
expenditures in prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The
Authority has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform
Guidance. The Authority does not pass-through federal funds.
Federal expenditures are reported as revenue in the following fund on the financial statements:
Enterprise Fund
Capital contributions $ 328,417
Grant revenue - Federal 10,972,677
Total grant and capital contribution revenue in the financial statements 11,301,094
Less: Grant and capital contribution revenue associated with state reimbursements (565,054)
Less: Grant and capital contribution revenue associated with local reimbursements (565,054)
Federal expenditures per schedule of expenditures of federal awards $ 1 0,170,986