Notes to SEFA
Title: Basis of Accounting
Accounting Policies: Modified Accrual basis of accounting, Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The entity did not use the de minimus cost rate.
The accompanying schedule of expenditures of federal awards presents the expenditures of all federal awards programs of the Authority using the modified accrual basis of accounting. Under the modified accrual basis, revenues are recorded when they are both measurable and available. Available means collectible within the current period of soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the liability is incurred.
Title: Relationship to Basic Financial Statements
Accounting Policies: Modified Accrual basis of accounting, Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The entity did not use the de minimus cost rate.
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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the Authority’s basic financial statements.
Title: Indirect Cost Rate
Accounting Policies: Modified Accrual basis of accounting, Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The entity did not use the de minimus cost rate.
The Authority has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.