Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Plattsmouth Airport Authority under programs of the federal government for the year ended July 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 Plattsmouth Airport Authority, it is not intended to and does not present the financial position or changes in net assets of the Plattsmouth Airport Authority. The Plattsmouth Airport Authority is a tax-exempt political subdivision of the State of Nebraska. The Plattsmouth Airport Authority operates under a Board of Trustees form of government and was created to control and manage the City’s airport facility, including ongoing operations, and the funding and obtaining of necessary improvements to the airport and its equipment. The Plattsmouth Airport Authority is governed by an elected four member Board of Directors.
Expenditures reported on the Schedule are reported in accordance with accounting principles generally accepted in the United States of America, 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, i.e. presents those that have been reimbursed during the year. The Plattsmouth Airport Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.