Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Shenandoah Valley Regional Airport Commission has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Shenandoah Valley Regional Airport Commission has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Shenandoah Valley Regional Airport Commission under programs of the federal government for the year ended June 30, 2023. 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 Shenandoah Valley Regional Airport Commission, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Shenandoah Valley Regional Airport Commission.