Notes to SEFA
Basis of presentation- The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal funds of Blytheville-Gosnell Regional Airport Authority under programs of the federal government for the year ended December 31, 2024. 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 Blytheville-Gosnell Regional Airport Authority, it is not intended to and does not present the financial position or changes in financial position of Blytheville-Gosnell Regional Airport Authority.
Summary of Significant Account Policy - 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.
Blytheville-Gosnell Regional Airport Authority has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.