Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards summarizes the expenditures of the Authority under programs of the federal government for the year ended June 30, 2025. The information in this schedule is presented in accordance with the requirements of Title 2, US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the 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. 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. Any 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 not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The 2025 OMB Compliance Supplement made available by the federal government for compliance testing required under the Uniform Guidance has not yet been finalized. Differences between the draft and final versions may require reissuance of the Annual Financial Report.