Notes to SEFA
Accounting Policies: The financial statements and the SEFA of the Authority have been prepared on the accrual basis and in accordance with generally accepted accounting principles as promulgated by Governmental Accounting Standards Board (GASB). Revenues are recognized in the accounting period when they become susceptible to accrual. Expenditures are recognized in the accounting period in which the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: Auditee has allocated specific costs to each federal award.