Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of the Tweed-New Haven Airport Authority (Authority) under programs of the federal government for the year ended June 30, 2025. The information in the 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).
Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, 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.
On August 19, 2022, the Authority executed three agreements that collectively resulted in significant changes to the Authority’s operating structure. Firstly, the City of New Haven (City) and the Authority entered into an Amended and Restated Lease and Operating Agreement. The Authority then executed the sixth amendment to the management agreement with Avports HVN, LLC (Manager) and a Lease and Development Agreement with The New HVN, LLC (Lessee). Each agreement has a term of 43 years. The amended agreement with the City extended the term date to June 30, 2064.