Notes to SEFA
The accompanying schedule of expenditures of federal awards (the SEFA) includes the federal award activity of LAT under programs of the federal government for the year ended June 30, 2025. The information in this SEFA is presented in accordance with the requirements of Uniform Guidance. Because the SEFA presents only a selected portion of the operations of LAT, it is not intended to and does not present the financial position, changes in net position, or cash flows of LAT.
Expenditures reported on the SEFA 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.
LAT has not elected to use the 15% de minimis indirect cost rate as allowed under the Uniform Guidance.
Total federal expenditures for the year ended June 30, 2025 reconciles to LAT’s financial statements for the year ended June 30, 2025 as follows: