Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the cash 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The 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 the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) 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 assets, or cash flows of the Authority.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the cash 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority provided no awards to subrecipients.
Title: Grant Receivable
Accounting Policies: Expenditures reported on the Schedule are reported on the cash 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During 2022, the Authority expended approximately $8.8 million federal funds awarded under the Airport Rescue Grant (ARG) to assist the Authority in funding payroll, and other operational costs, as well as concessionaire relief. The Authority expended approximately $12.6 million federal funds awarded under Airport Improvement Program (AIP) to assist with taxiway rehabilitation and gate expansion. The Authority expended approximately $10,000 federal funds that were passed through the Arkansas Division of Emergency Management to assist with cleaning and sanitizing supplies to eliminate exposure of COVID-19. At December 31, 2022, approximately $1.2 million of expenditures reported on the Schedule of Expenditures of Federal Awards had not been reimbursed and were included in grants receivable.