Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Authority under programs of the federal government for the year ended December 31, 2025. The information on this Schedule is prepared 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 Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Board.
Expenditures reported on 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 may or may not be allowable or may be limited as to reimbursement.
The Board has elected not to use the 10 to 15-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Certain Federal programs require the Authority to contribute non-Federal funds (matching funds) to support the Federally-funded programs. The Authority has met its matching requirements. The Schedule does not include the expenditure of non-Federal matching funds.
The Board passes certain federal awards received from the U.S. Department of Transportation. through to the City of Sehlby (subrecipient). As Note B describes the Board reports expenditure of federal awards to subrecipients when paid on an accural basis. As a subrecipient, the Board has certain compliance responsiblities, such as monitoring its subrecipients to help assure they use these subawards as authorized by lawsa, regulations, and the providison of contracts or grant agreements, and that subrecipients achieve the award's performance goals.