Notes to SEFA
Title: Basis of Presentation
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported in accordance with accounting principles generally accepted in the United States of America as applied to governmental units, which is described in Note A to the basic financial statements for the year ended December 31, 2024. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The elected not to use the de minimis rate
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Lafayette Regional Airport under programs of the federal government for the year ended December 31, 2024. The information in this schedule is presented in accordance with 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of Government, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Government.
Title: Refund of Prior Year Federal Expenditures
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the Schedule are reported in accordance with accounting principles generally accepted in the United States of America as applied to governmental units, which is described in Note A to the basic financial statements for the year ended December 31, 2024. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The elected not to use the de minimis rate
The Airport received notification, in early 2025, of a reimbursement due from the Federal Aviation Administration (FAA) in the amount of $346,007 related to an overpayment under a Reimbursable Agreement previously charged as eligible costs under the Airport Improvement Program (AIP) Grant No. 51, Assistance Listing 21.106. The original costs were reported as federal expenditures in prior years’ Schedules of Expenditures of Federal Awards. In accordance with 2 CFR Section 200.406, the refund has been reported as negative expense (credit) in the current year SEFA, reducing current year federal expenditures under the AIP program and is recorded as a receivable from the FAA at December 31, 2024.