Notes to SEFA
Title: Note 3 - Basis of presentation
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. The cost principles are applied based on the period of expenditures.
De Minimis Rate Used: N
Rate Explanation: The Gulfport-Biloxi Regional Airport Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Gulfport-Biloxi Regional Airport Authority (Authority) under programs of the federal government for the year ended September 30, 2024 and is presented on the accrual basis of accounting. 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 Gulfport-Biloxi Regional Airport Authority.
Title: Note 4 - Reconciliation to Financial Statements
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. The cost principles are applied based on the period of expenditures.
De Minimis Rate Used: N
Rate Explanation: The Gulfport-Biloxi Regional Airport Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under Uniform Guidance.
The following reconciles the total expenditures of federal awards to federal grants and contributions revenues recognized in the statement of revenues, expenses, and changes in net position for the year ended September 30, 2024: