Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards presents the activity of all federal award programs for the Authority of the year ended December 31, 2024. 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 or changes in net position of the Authority. The accompanying schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.