Notes to SEFA
Accounting Policies: A. Reporting Entity
The Schedule of Expenditures of Federal Awards presents the activities of federal award programs expended by the St. Cloud Regional Airport Authority. The Authority’s reporting entity is defined in Note 1 to the financial statements.
B. Basis of Presentation
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of the St. Cloud Regional Airport Authority under programs of the federal government for the year ended December 31, 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 St. Cloud Regional Airport Authority, it is not
intended to and does not present the financial position, changes in net position, or cash flows of the St. Cloud Regional Airport Authority. 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. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: N/A