Notes to SEFA
The accompanying schedule of expenditures of federal awards presents the expenditures of all federal awards programs of the Authority using the accrual basis of accounting. Under the accrual basis, revenues are recorded when earned and expenditures are recorded when incurred.
The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the Authority’s basic financial statements.
The Authority has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.