Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual 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 Authority was not reimbursed for indirect costs for any of the federal awards and did not elect the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Metropolitan Airport Authority of Peoria (the Authority). 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). 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, change in financial position, or cash flows of the Authority.
Title: NONCASH ASSISTANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual 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 Authority was not reimbursed for indirect costs for any of the federal awards and did not elect the 10% de minimis indirect cost rate.
There was no noncash assistance in the current year.
Title: INSURANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual 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 Authority was not reimbursed for indirect costs for any of the federal awards and did not elect the 10% de minimis indirect cost rate.
The Authority did not receive any federal awards involving insurance with continuing compliance requirements.
Title: LOANS AND LOAN GUARANTEES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual 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 Authority was not reimbursed for indirect costs for any of the federal awards and did not elect the 10% de minimis indirect cost rate.
The Authority did not receive any federal awards involving loans or loan guarantees with continuing compliance requirements.