Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the Authority under programs of the federal government for the year ended December 31, 2023. The accompanying notes are an integral part of this Schedule. 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 Authority.
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. There were no federal awards expended for non-cash assistance, insurance or any loans or loan guarantees outstanding at year-end. Of the federal expenditures presented in the Schedule, the Authority did not provide any amounts to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance