Notes to SEFA
The accompanying Schedule of Expenditure of Federal Awards includes the federal grant activity of the Airport Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Therefore, some of the amounts presented in this schedule may differ from amounts presented or used in the preparation of the basic financial statements. Federal expenditures reported on the Schedule of Expenditures of Federal Awards that were incurred in fiscal year 2025 totaled $1,594,217.
The following table summarizes project costs to date that were active during the year ended June 30, 2025, including cash and in-kind matching contributions expended by the Authority in accordance with the terms of the grant. The Authority receives federal contributions totaling 90% of actual expenditures incurred on qualified airport improvement projects, and the Airport Authority provides the remaining match.
The accompanying Schedule of Expenditure of Federal Awards is presented using the cost principles from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.
The Authority did not elect to use the 10% de minimus indirect cost rate from Title 2 U.S. Code of Federal Regulations Part 200, Uniform Guidance Administrative Requirements, Subpart E Cost Principles.