Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Note 2 - Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized as incurred following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Authority treats withheld retainage as an unallowable cost until the amount is paid, whereby it is then recognized as a federal expenditure - unless otherwise permitted by Federal Statute - in accordance with 2 CFR Subpart D Section 200.305(b)(6)(iv).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Authority under programs of the federal government for the year ended August 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR), Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (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 statement of net position, statement of revenues, expenses and changes in net position, or cash flows of the Authority.
Title: Note 4 - Subrecipients
Accounting Policies: Note 2 - Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized as incurred following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Authority treats withheld retainage as an unallowable cost until the amount is paid, whereby it is then recognized as a federal expenditure - unless otherwise permitted by Federal Statute - in accordance with 2 CFR Subpart D Section 200.305(b)(6)(iv).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the Schedule, the Authority did not provide federal awards to a subrecipient.
Title: Note 5 - Budgetary Data
Accounting Policies: Note 2 - Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized as incurred following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Authority treats withheld retainage as an unallowable cost until the amount is paid, whereby it is then recognized as a federal expenditure - unless otherwise permitted by Federal Statute - in accordance with 2 CFR Subpart D Section 200.305(b)(6)(iv).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority passed and had approved by the appropriate agency, budgets for the year ended August 31, 2022 for the federal programs.
Title: Note 6 - Contingency
Accounting Policies: Note 2 - Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized as incurred following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Authority treats withheld retainage as an unallowable cost until the amount is paid, whereby it is then recognized as a federal expenditure - unless otherwise permitted by Federal Statute - in accordance with 2 CFR Subpart D Section 200.305(b)(6)(iv).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The grant revenue amounts received and expensed are subjected to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the Authority. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.