Notes to SEFA
Title: Significant Accounting Policies
Accounting Policies: Cash basis of accouning
De Minimis Rate Used: N
Rate Explanation: Auditee chose to expense all indirect costs
The accompanying Schedule of Expenditures of Federal Awards is presented on the cash basis of accounting. The information in this schedule is presented in accordance with the requirements of OMB Circular A-133, Audits of State, Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
Title: De Minimus Indirect Cost
Accounting Policies: Cash basis of accouning
De Minimis Rate Used: N
Rate Explanation: Auditee chose to expense all indirect costs
The Authority elected not to use the 10% de minimis indirect costs.
Title: Program Costs
Accounting Policies: Cash basis of accouning
De Minimis Rate Used: N
Rate Explanation: Auditee chose to expense all indirect costs
The amounts shown as current year expenditures represent only the federal award portion of the program costs. Entire program costs, including the Authority’s portion, are more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.