Notes to SEFA
Title: Note 1 - Scope of Audit Pursuant to the Uniform Guidance
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: 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. The
Authority has not elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The Schedule of Expenditures of Federal Financial Assistance (the Schedule) includes all of the
federal award programs for the FAA's Airport Improvement Act (Assistance Listing #20.106) and the
Department of Defense National Guard Military Construction Projects (12.400).
Title: Note 2 - Basis of Accounting
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: 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. The
Authority has not elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
The accompanying 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 the 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 represents only a selected portion of the operations of the
Authority, is it not intended to and does not present the financial position, changes in net position, or
cash flows of the Authority.
Title: Note 3 - Summary of Significant Accounting Policies
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: 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. The
Authority has not elected to use the 10-percent de minimis indirect cost rate as 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. The
Authority has not elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Title: Note 3 - Federal Reimbursements
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: Y
Rate Explanation: 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. The
Authority has not elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Federal reimbursements are based on specific expenditures. Therefore, the amounts reported here
represent grant income earned rather than cash received. There were no funds provided to
subrecipients.