The Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting, as described in Note 1 to the Authority’s basic financial statements.
The Authority did not elect to use the 10% de minimis indirect cost rate.
During 2021, the Authority received approval for a federally funded loan through the Virginia Revolving Loan Fund in the amount of $35,000,000. The amount outstanding as of June 30, 2025 is $29,823,392.