Notes to SEFA
Title: General
Accounting Policies: The accompanying Schedule is presented using 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.
The Authority has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
Pass-through entity identifying numbers are presented where available. In addition, the Authority did not pass-through any federal awards to subrecipients during the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all federal financial assistance programs of the Authority. The Authority’s reporting entity is defined in Note 1 to the Authority’s financial statements.
The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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, activities and cash flows of the Authority for the year ended December 31, 2024.
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule is presented using 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.
The Authority has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
Pass-through entity identifying numbers are presented where available. In addition, the Authority did not pass-through any federal awards to subrecipients during the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the de minimis cost rate.
The accompanying Schedule is presented using 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.
The Authority has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
Pass-through entity identifying numbers are presented where available. In addition, the Authority did not pass-through any federal awards to subrecipients during the year ended December 31, 2024.
Title: Matching Requirements
Accounting Policies: The accompanying Schedule is presented using 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.
The Authority has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
Pass-through entity identifying numbers are presented where available. In addition, the Authority did not pass-through any federal awards to subrecipients during the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the de minimis cost rate.
Certain federal programs require the Authority to contribute non-federal funds (matching funds) to support federally-funded programs. The Authority has complied with the matching requirements. The expenditures of non-federal (matching) funds are not included on the Schedule.
Title: Relationship of Federal Financial Reports
Accounting Policies: The accompanying Schedule is presented using 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.
The Authority has elected not to use the 10 percent de minimis indirect cost rate to recover indirect costs as allowed under the Uniform Guidance.
Pass-through entity identifying numbers are presented where available. In addition, the Authority did not pass-through any federal awards to subrecipients during the year ended December 31, 2024.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the de minimis cost rate.
Amounts reported in the accompanying Schedule agree with the amounts reported in the related federal financial reports.