Title: NOTE A. BASIS OF PRESENTATION
Accounting Policies: 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Cost Rate allowed under the Uniform
Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Authority under programs of the federal government as of and 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 (CFR) 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 Authority's financial position, changes in net position, or cash flows. Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the preparation of the financial statements.
Title: NOTE B. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Cost Rate allowed under the Uniform
Guidance.
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. Pass-through entity identifying numbers are presented where available.
Title: NOTE C. SUB-RECIPIENTS
Accounting Policies: 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Cost Rate allowed under the Uniform
Guidance.
The Authority did not provide any federal awards to sub-recipients during the year.
Title: NOTE D. LOANS
Accounting Policies: 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Cost Rate allowed under the Uniform
Guidance.
The Authority had no outstanding loans or loan guarantee programs on June 30, 2024.
Title: NOTE E. INDIRECT COST RATE
Accounting Policies: 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Cost Rate allowed under the Uniform
Guidance.
The Authority has elected not to use the 10% De Minimus Indirect Cost Rate allowed under the Uniform Guidance.
Title: NOTE F. RECONCILIATION TO THE ENTITY-WIDE SUMMARY OF REVENUES AND EXPENSES
Accounting Policies: 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% De Minimus Indirect Cost Rate allowed under the Uniform
Guidance.
Total Expenditures of Federal Awards of $7,574,889 plus non-federal: blended component units 221,084 and state and local funding of $4,005 = Total Expenditures of $7,799,978