Notes to SEFA
Accounting Policies: Note 1 DescriptionAuthority has adopted Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Those standards were adopted to fulfill the financial and compliance audit requirements of federalgrantor agencies. For purposes of implementing Uniform Guidance, federal grant awards were made susceptible to audit and are included in the Schedule of Expenditures of Federal Awards.Note 2 Summary of Significant Accounting PoliciesThe financial activity shown on the Schedule of Expenditures of Federal Awards reflects amounts recorded by Authority during its fiscal year July 1 2021, through June 30, 2022, and accordingly does not include a full years financial activity for grants awarded or terminated on dates not coinciding with the Authoritys fiscal year. The Authority reports these on the accrual basis of accounting.Note 3 De Minimis Indirect Cost RateThe Authority for the fiscal year June 30, 2022 has elected not to apply the 10% de minimis cost rate as covered in 2 CFR 200.414 when applicable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.