Notes to SEFA
Accounting Policies: The schedule of expenditures of federal awards includes the federal grantactivity of the Memphis-Shelby County Airport Authority (the "Authority") and is presented on the accrual basisof accounting. The information in the schedule is presented in accordance with the requirements of 2 CFR Part200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards("Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presentedin, or used in the presentation of, the financial statements. Expenditures are recognized following the costprinciples contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use the 10% de minimis indirect cost rate as allowedunder the Uniform Guidance.