Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Note 2 - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting and reconcile to federal grant revenue reported in the statement of revenue, expenses, and changes in net position. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Authority did not elect to use the 10% de minimis indirect cost rate for the fiscal year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimis indirect cost rate for the fiscal year ended December 31, 2024.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of the 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 Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Authority.
Title: Note 3 - Reconciliation of Federal Revenue to Expenditures of Federal Awards
Accounting Policies: Note 2 - Summary of Significant Accounting Policies
Expenditures reported on the Schedule are reported on the accrual basis of accounting and reconcile to federal grant revenue reported in the statement of revenue, expenses, and changes in net position. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Authority did not elect to use the 10% de minimis indirect cost rate for the fiscal year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimis indirect cost rate for the fiscal year ended December 31, 2024.
The following reconciliation shows differences between federal revenue reported on the statement of revenue, expenses, and changes in net position for the year ended December 31, 2024 included in the basic financial statements and the total expenditures reported on the schedule of expenditures of federal awards for the year ended December 31, 2024. Amounts expended, not drawn on loan, consist of December 2024 expenditures not drawn on loan until 2025 and retainage payable.
Total Federal Revenue per the Statement of Revenue, Expenses, and Changes in Net Position $ -
Add PENNVEST loan draws 2,126,587
Add amounts expended, not drawn on loan 31,125
Total Expenditures per the Schedule of Expenditures of Federal Awards $ 2,157,712