Audit 339158

Title: NOTE A - Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting for proprietary funds and the modified accrual basis of accounting for governmental funds. 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 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 present where available. De Minimis Rate Used: N Rate Explanation: Marion-Washington Co Airport Board did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Marion-Washington County Airport Board 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 Marion-Washington County Airport Board, it is not intended to and does not present the financial position, changes in net asset, or cash flows of Marion-Washington County Airport Board.

Title: NOTE B - Summary of Significant Accounting Policies Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting for proprietary funds and the modified accrual basis of accounting for governmental funds. 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 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 present where available. De Minimis Rate Used: N Rate Explanation: Marion-Washington Co Airport Board did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Expenditures reported on the Schedule are reported on the accrual basis of accounting for proprietary funds and the modified accrual basis of accounting for governmental funds. 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 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 present where available.

Title: NOTE C - Federal Non-Cash Assistance Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting for proprietary funds and the modified accrual basis of accounting for governmental funds. 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 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 present where available. De Minimis Rate Used: N Rate Explanation: Marion-Washington Co Airport Board did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Marion-Washington Co Airport Board received no federal non-cash assistance for the year ended June 30, 2024.

Title: NOTE D - De Minimis Cost Rate Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting for proprietary funds and the modified accrual basis of accounting for governmental funds. 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 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 present where available. De Minimis Rate Used: N Rate Explanation: Marion-Washington Co Airport Board did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Marion-Washington Co Airport Board did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.

Title: NOTE E - Subrecipients Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting for proprietary funds and the modified accrual basis of accounting for governmental funds. 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 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 present where available. De Minimis Rate Used: N Rate Explanation: Marion-Washington Co Airport Board did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. There were no subrecipients during the fiscal year.