Notes to SEFA
Title: Scope of Audit Pursuant to the Uniform Guidance
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. The Authority has not elected to use the
10-percent de minimis indirect cost rate as allowed under the Uniform Guidance and did not claim any
indirect costs and has not claimed any indirect costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Albany County Airport Authority (Authority) is a body corporate and politic constituting a public benefit
corporation. The Schedule of Expenditures of Federal and New York State Department of Transportation
Financial Assistance (the Schedule) includes all of the federal award programs and the New York State
Department of Transportation matching grant award for the FAA’s Airport Improvement Act (Assistance
Listing #20.106) administered by the Albany County Airport Authority, an entity defined in the financial
statements.
Title: Basis of Accounting
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. The Authority has not elected to use the
10-percent de minimis indirect cost rate as allowed under the Uniform Guidance and did not claim any
indirect costs and has not claimed any indirect costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule includes the federal award activity of the Authority under programs 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 Authority, it is
not intended to and does not present the financial position, changes in net position, or cash flows of the
Authority.
Title: Federal Reimbursements
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. The Authority has not elected to use the
10-percent de minimis indirect cost rate as allowed under the Uniform Guidance and did not claim any
indirect costs and has not claimed any indirect costs.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal reimbursements are based upon specific expenditures. Therefore, the amounts reported here
represent grant income earned rather than cash received. There were no funds provided to subrecipients.