Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Office of Management and Budget Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein
certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform
Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award
activity of the Authority under programs of the federal government for the year ended September 30, 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.