Audit 52216

Title: General Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of the Roanoke Regional Airport Commission and is presented on the accrual basis of accounting. The information in this 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 (the Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The Roanoke Regional Airport Commission (the Airport) is a public body politic and corporate, and has jurisdiction, control, possession, and supervision of the Roanoke-Blacksburg Regional Airport. The accompanying Schedule of Expenditures of Federal Awards presents the 2022 expenditure activity of all federal financial assistance programs of the Airport. All federal financial assistance was received directly from federal agencies. The Airport did not elect to use the 10% de minimis rule for the indirect cost rate.In March 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. Through this program the Airport has been awarded $20.7 million to reimburse operating expenditures starting January 20, 2020 and debt service expenditures starting March 27, 2020.The award revenues received and expended are subject to audit and adjustment. If any expenditures are disallowed by the grantor as a result of such an audit, any claim for reimbursement to the grantor would become a liability of the Airport. In the opinion of management, all grant expenditures are in compliance with the terms of the grant agreements and applicable federal laws and regulations.