Audit 52911

Title: BASIS OF PRESENTATION Accounting Policies: Expenditures reported in the Schedule are reported on the accrual or modified accrual basis ofaccounting. Such expenditures are recognized following, as applicable, either the cost principlesin OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or the costprinciples contained in the Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement. The Authority has not elected to use the 10% deminimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accompanying schedule of expenditures of federal awards include the federal grant activity of the Birmingham Airport Authority (the Authority) 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, Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance). The Schedule presents only selected portions of the operations of the Authority. The Schedule is not intended to and does not present the financial position, changes in financial position or cash flows of the Authority.