Audit 361703

Title: Significant Accounting Policies Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Authority’s federal award program and does present transactions that would be included in financial statements of the Authority presented on the accrual basis of accounting as contemplated by generally accepted accounting principles. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited to reimbursement. De Minimis Rate Used: N Rate Explanation: not used The accompanying schedule of expenditures of federal awards is a summary of the activity of the Authority’s federal award program and does present transactions that would be included in financial statements of the Authority presented on the accrual basis of accounting as contemplated by generally accepted accounting principles. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowed or are limited to reimbursement.