Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance includes federal and state activity of the Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the Florida Single Audit Act, and Chapter 10.550, Rules of the Auditor General of the State of Florida. The grants reflect transactions for the fiscal year irrespective of the year of grant award and, accordingly, the Schedules do not include a full year’s activity for grants awarded or terminated on dates not coinciding with the aforementioned year.
The federal programs and state projects shown in the Schedule of Expenditures of Federal Awards and State Financial Assistance are subject to financial and compliance audits by grantor agencies, which, if instances of material noncompliance are found, may result in disallowable expenditures, and affect the Authority’s continued participation in specific programs. Any disallowed expenditures may become a liability of the Authority and affect the Authority’s continued participation in specific programs. It is management’s opinion that no material liabilities will result from such grantor audits.