Notes to SEFA
Title: Additional Information
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been presented on the accrual basis of accounting. Expenditures are recorded, accordingly, when incurred rather than when paid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority did not have any sub-recipients or pass through and funds to sub-recipients.The Authority elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Identification of Major Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been presented on the accrual basis of accounting. Expenditures are recorded, accordingly, when incurred rather than when paid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As shown on the accompanying Schedule of Findings and Questioned Costs, the dollar threshold used to distinguish between type A and type B programs were seven hundred and fifty thousand($750,000) dollars. The Authority had one major program, Coronavirus State Fiscal Recovery Fund, which is CFDA number 21.027 with total federal expenditures of $1,000,000 which covers 100% of federal expenditures.
Title: Categorization of Expenditures
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been presented on the accrual basis of accounting. Expenditures are recorded, accordingly, when incurred rather than when paid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards reflects federal expenditures for all programs which were active during the year. The categorization of expenditures included in the accompanying Schedule of Expenditures of Federal Awards is based on the Catalog of Federal Domestic Assistance (CFDA). Changes in the categorization of expenditures occur based on revisions to the CFDA, which are issued in June and December of each year. The accompanying Schedule of Expenditures of Federal Awards reflects CFDA changes issued through July 2022.