Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Manistee Blacker Airport Authority (the “Airport”) 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). Because the Schedule presents only a selected portion of the operations of the Airport, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Airport. The Airport’s reporting entity is defined in Note 1 of the Airport’s audited financial statements.
Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Airport’s financial statements. 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. For purposes of charging indirect costs to federal awards, the Airport has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
A reconciliation of the amounts presented in the Schedule to the amounts presented in the financial statements is as follows: SEE PAGE 34 OF THE PDF