Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Jackson Municipal Airport Authority (“the authority”) under programs of the federal government for the year ended September 30, 2025. 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 (Uniform Guidance). The Schedule presents only a selected portion of the operations of the College; therefore, it is not intended to and does not present the financial position, changes in net position or cash flows where applicable of the Authority.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized 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 has elected not to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance. No indirect costs have been charged to the Authority's Federal programs. The authority did not pass-through any funding to subrecipients.
A reconciliation of the total Federal awards per the Schedule of Expenditures of Federal Awards to the statement of revenues, expenses and changes in net position follows: Total expenditures of Federal awards $ 27,244,403 Prior grant refunded 3,033 State of Mississippi and other grants 491,355 Total governmental grant contributions $ 27,738,791 Presented in the financial statements as: Governmental operating grant contributions $ 531,349 Governmental capital grant contributions 27,207,442 Total governmental grant contributions $ 27,738,791