Notes to SEFA
Title: Note 2 De Minimis Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal award activity of the Authority, under programs of the federal government for the year ended August 31, 2022. The information in the SEFA 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). Because the SEFA 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 position, or cash flows of the Authority. The SEFA is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate. See note 2.
The Authority has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.