Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Except as noted in the following paragraph, 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 reimbursement. The Schedule amount related to the Economic Development Adjustment Assistance Revolving Loan Fund (RLF) is calculated using the following formula. Economic Development Adjustment Assistance RLF Federal Share at 80% RLF principal outstanding on loans as of 12/31/2022 $144,000 + Cash and investment balance in RLF as of 12/31/2022 160 + Administrative expenses using RLF 2022 income 2,272 + Administrative expenses using award funds 0 + Unpaid principal of loans written off during 2022 0 = Federal Awards Expended $146,432
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
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, 2022. 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 the Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.