Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are presented using 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.
De Minimis Rate Used: N
Rate Explanation: There are no indirect costs included in grant expenditures on the Schedule for the year ended June 30, 2024.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of federal financial assistance programs of the Burbank-Glendale-Pasadena Airport Authority (Authority), which owns and operates the Bob Hope Airport, commonly known as Hollywood Burbank Airport (Airport), for the year ended June 30, 2024. The Schedule includes federal awards received directly from federal agencies. There were no federal awards passed through other agencies 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 Regulation 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 financial position or cash flows of the Authority. The Authority’s reporting entity is defined in note 1 to the Authority’s basic financial statements.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are presented using 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.
De Minimis Rate Used: N
Rate Explanation: There are no indirect costs included in grant expenditures on the Schedule for the year ended June 30, 2024.
Expenditures reported on the Schedule are presented using 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.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are presented using 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.
De Minimis Rate Used: N
Rate Explanation: There are no indirect costs included in grant expenditures on the Schedule for the year ended June 30, 2024.
The Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. There are no indirect costs included in grant expenditures on the accompanying Schedule for the year ended June 30, 2024.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are presented using 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.
De Minimis Rate Used: N
Rate Explanation: There are no indirect costs included in grant expenditures on the Schedule for the year ended June 30, 2024.
Of the federal expenditures presented in the Schedule, the Authority did not provide any federal awards to subrecipients for the year ended June 30, 2024.
Title: Relationship to Federal Financial Reports
Accounting Policies: Expenditures reported on the Schedule are presented using 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.
De Minimis Rate Used: N
Rate Explanation: There are no indirect costs included in grant expenditures on the Schedule for the year ended June 30, 2024.
Amounts reported in the accompanying Schedule agree with the amounts reported in the related federal financial reports filed by the Authority.