Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Cincinnati / Northern Kentucky International Airport (the “Airport”) under programs of the federal government for the year ended December 31, 2025. The Airport's reporting entity is defined in Note 1 to the Airport's financial statements. 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 or UG). Because the Schedule presents only a selected portion of the operation of the Airport, it is not intended to be and does not present the financial position, changes in net assets or cash flows of the Airport.
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 reimbursements. 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. The grant revenue amounts received and expensed are subject to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the Airport. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.
The Airport did not elect to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance for the year ending December 31, 2025. All federal financial assistance was received directly from federal agencies, unless otherwise indicated on the Schedule. The Airport did not provide any amount to subrecipients for the year ending December 31, 2025.
Following is a reconciliation of amounts per the Schedule to the 2025 financial statements (amounts rounded to nearest thousand):