Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on an other comprehensive basis of accounting. such expenditures are recognized following, as applicable, either the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown, if applicable, on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule includes the federal award activity of the Authority under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of the 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 assets or cash flows of the Authority.
Title: IN-KIND SUPPORT
Accounting Policies: Expenditures reported on the Schedule are reported on an other comprehensive basis of accounting. such expenditures are recognized following, as applicable, either the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown, if applicable, on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
A portion of the expenses for donated services and other in-kind support are excluded from the Authority's financial statements in accordance with FASB ASC 958-605-50-1. Donated services and other in-kind support are included in the accompanying Schedule in accordance with other applicable grant agreements, which is described in Note U to the Authority's financial statements.