Notes to SEFA
Accounting Policies: 1.BASIS OF PRESENTATIONThe accompanying schedule of expenditures of passenger facility charges is a supplementary schedule to Coos County Airport Districts financial statements and is presented for purposes of additional analysis. Because the schedule of expenditures of facility charges presents only a selected portion of the activities of the County, it is not intended to and does not present either the net position, changes in net position, or cash flows of the entity.2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The entity has not elected to use the ten percent de minimus indirect cost rate as allowed under Uniform Guidance. 3.PASSENGER FACILITY CHARGESTitle 49, US Code Section 40117, authorizes the Secretary of Transportation (further delegated to the Federal Aviation Administration (FAA) Administrator) to approve the local imposition of an airport passenger facility charge (PFC) of up to $4.50 per enplaned passenger for use on certain airport projects. The revenue is collected by air carriers on behalf of an airport, and subsequently remitted to the airport. The FAA has granted the District the authority to impose and use PFC revenue on approved projects.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.