Notes to SEFA
Title: Note 1: Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of the Authority’s federal award program. 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). Federal financial assistance received directly from federal agencies as well as financial assistance passed through other government agencies is included on this schedule.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
Basis of Presentation - The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of the Authority’s federal award program. 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). Federal financial assistance received directly from federal agencies as well as financial assistance passed through other government agencies is included on this schedule.
Title: Note 2: Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of the Authority’s federal award program. 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). Federal financial assistance received directly from federal agencies as well as financial assistance passed through other government agencies is included on this schedule.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
The Authority has not elected to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
Title: Note 3: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of the Authority’s federal award program. 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). Federal financial assistance received directly from federal agencies as well as financial assistance passed through other government agencies is included on this schedule.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting.