Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: see Form page
De Minimis Rate Used: Y
Rate Explanation: Auditee did use the de minimis cost rate
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 March 31, 2025. 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 position, or cash flows of the Authority.
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: see Form page
De Minimis Rate Used: Y
Rate Explanation: Auditee did use the de minimis cost rate
Expenditures reported on the Schedule are reported on 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 to use the 10-percent de minimis
indirect cost rate as allowed under the Uniform Guidance.