Notes to SEFA
The accompanying schedule of expenditures of federal awards presents the expenditures of all federal awards programs of the Authority using the modified accrual basis of accounting. Under the modified accrual basis, revenues are recorded when they are both measurable and available. Available means collectible within the current period of soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the liability is incurred.
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. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the Authority’s basic financial statements.
The Authority has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Single Audit report for the year ended December 31, 2024 were originally issued on June 10, 2024. Subsequent to the issuance of those reports, management identified an error in the Schedule of Expenditures of Federal Awards related to the total amount of federal program expenditures. As a result, the Schedule of Expenditures of Federal Awards has been revised to correct the program’s federal expenditures, which resulted in an increase of federal expenditures of $5,000,000. Accordingly, the Single Audit reports for the year ended December 31, 2024 has been reissued as of January 8, 2026. The auditor’s reports on internal control over financial reporting, internal control over compliance, and compliance for each major program are dated January 8, 2026. The report previously issued should no longer be relied upon.