The accompanying Schedule of Expenditures of Federal
Awards (the Schedule) includes federal award activity of the
Authority under programs of the federal government for the
year ended March 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, Code 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 financial position, changes in net
assets, or cash flows 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 elected not to use the 10% de minimis
cost rate as allowed under the Uniform Guidance.