Notes to SEFA
Title: NOTE C- INDIRECT COST RATE
Accounting Policies: The Schedule of Receipts and Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement. The Schedule of Expenditures of Passenger Facility Charges has been prepared on the cash basis of accounting. Consequently, certain revenues are recognized when received rather than when earned and certain expenditures are recognized when paid rather than when the obligation is incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Airport has elected not to use the 10-percent de minim is indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE D - MATCHING REQUIREMENTS
Accounting Policies: The Schedule of Receipts and Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement. The Schedule of Expenditures of Passenger Facility Charges has been prepared on the cash basis of accounting. Consequently, certain revenues are recognized when received rather than when earned and certain expenditures are recognized when paid rather than when the obligation is incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Certain federal programs require that the Airport contribute non-federal funds (matching funds) to support the federally-funded programs. The Airport has met its matching requirements. The expenditures of non-federal funds are not included on these schedules.
Title: NOTE A- BASIS OF PRESENTATION
Accounting Policies: The Schedule of Receipts and Expenditures of Federal Awards has been prepared on the accrual basis of accounting. Expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement. The Schedule of Expenditures of Passenger Facility Charges has been prepared on the cash basis of accounting. Consequently, certain revenues are recognized when received rather than when earned and certain expenditures are recognized when paid rather than when the obligation is incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Receipts and Expenditures of Federal Awards include the federal award activity of the Akron - Canton Regional Airport Authority (the Airport) under programs of the federal government for the year ended December 31, 2022. The information on the Schedule of Receipts and Expenditures of Federal Awards 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). The information on the Schedule of Expenditures of Passenger Facility Charges is prepared in accordance with the requirements of the Audit Requirements for Federal Awards, and the Passenger Facility Charge Audit Guide for Public Agencies (the "Guide"). Because the Schedules present only a selected portion of the operations of the Airport, they are not intended to and do not present the financial position, changes in net position, or cash flows of the Airport. The Airport is currently authorized to collect PFCs in the amount of $4.50 per enplaned passenger. The Akron - Canton Regional Airport Authority has nine approved applications. The most recent application was approved during the 2018 calendar year and resulted in slightly more than $30 million of collection authority from the Federal Aviation Administration (FAA). As of December 31, 2022, the Airport has received over $62 million in PFC revenue and $328 thousand dollars in interest, net of fees. The Airport has expended over $60 million on approved projects. As of December 31, 2022, the Airport has a collection authority of approximately $29 million.