Notes to SEFA
Title: NOTE 3 ‐ BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal Awards (the Schedule) are reported on the
modified 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: The Authority has elected not to use 10‐percent de minimis indirect cost rate allowed under the Uniform
Guidance.
The accompanying Schedule includes the federal award activity of the 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 the Authority, it is not intended to and does not present the
financial position, changes in net position, or cash flows of the Authority.