Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Bishop International Airport Authority (the Authority) under programs of the federal government for the year ended December 31, 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). Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the net position, changes in net position, or cash flows of the Authority.
Expenditures 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, where certain types of expenditures are not allowable or are limited as to reimbursement. Indirect Cost Rate The Authority has elected not to use the 15 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal revenue per the financial statements Federal grants $ 300,294 COVID-19 funding 587,592 Capital contributions - federal 3,461,066 Total expenditures of federal awards per the Schedule $ 4,348,952
No amounts were provided to subrecipients.