Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the Authority's federal awards and does not present transactions that would be included in financial statements of the Authority presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use a flat de minimums rate of 10% of modified total direct costs for their indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Authority under programs of the federal government for the year ended September 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 assets, or cash flows of the Authority .
Title: Reconciliation to Financial Statements
Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the Authority's federal awards and does not present transactions that would be included in financial statements of the Authority presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use a flat de minimums rate of 10% of modified total direct costs for their indirect cost rate.
Federal revenue presented in the financial statements:
Federal Grants and Revenues $359,136
Federal Capital Grants 1,748,682
Federal revenue on the Schedule of Expenditures of Federal Awards $2,107,818
Title: Prior Year Grant Expenditure Adjustment
Accounting Policies: The Schedule of Expenditures of Federal Awards is a summary of the cash activity of the Authority's federal awards and does not present transactions that would be included in financial statements of the Authority presented on the accrual basis of accounting, as contemplated by accounting principles generally accepted in the United States of America.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use a flat de minimums rate of 10% of modified total direct costs for their indirect cost rate.
In the prior year, for ALN 20.526, FY 21 Section 5339 2022-0139/P2, grant source 216699NI, there was a total of $230,671 drawn on that funding source, which was treated as a 50/50 grant, but should have been considered an 80/20 grant. As a result the federal portion that should have been presented as expenditures in the prior year was $184,537 rather than the $115,537 that was reported. The prior year expenditures column on page 7 has been adjusted accordingly to reflect the actual prior year federal expenditures of $184,537.