Notes to SEFA
Title: Note 1 - General
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform Guidance Section 200.414.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activities of the federal financial assistance programs of the Chesapeake Bay Bridge and Tunnel District.
Title: Note 4 - Amounts Passed to Subrecipients
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform Guidance Section 200.414.
There were no amounts passed to subrecipients for the year ended June 30, 2023.
Title: Note 5 - Loan Balance
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee has not elected to use the 10% de minimus indirect cost rate as discussed in Uniform Guidance Section 200.414.
On November 23, 2021, the District entered into a TIFIA loan agreement under Assistance Listing number 20.223 with the United States Department of Transportation. The outstanding balance of the TIFIA loan was $338,528,672 on June 30, 2023.