Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Lafayette Regional Airport under programs of the federal government for the year ended December 31, 2025. The information in this schedule is presented in accordance with 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the Government, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Government.
The Airport participates in the Federal Aviation Administration Airport Improvement Program (AIP), Assistance Listing No. 20.106. During the year ended December 31, 2025, the Airport completed final closeout procedures for certain AIP grants, including AIP Grant 51. As part of the closeout process, the FAA finalized the total reimbursable project costs for the grant. Certain project costs totaling $344,178, which had been recorded in prior periods as a federal grants’ receivable, were subject to final FAA approval at the time of grant closeout. Upon completion of the closeout process, these costs were not included in the final reimbursable amount of the grant. The effect of this determination was recognized in the current-year financial statements as a reduction of grant revenue. Because this amount relates to prior-period grant activity and does not represent current-year federal awards expended, it is not included in the Schedule of Expenditures of Federal Awards for the year ended December 31, 2025.