Notes to SEFA
Title: Note 1 - 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 allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% De Minimus Cost Rate.
The above schedule of expenditures of federal awards includes the federal grant activity of the
Authority and is presented on the accrual basis of accounting. The information on 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. Because the schedule presents only a selected portion of operations of the Authority it is not
intended to and does not present the financial net position, changes in net position or cash flows of the
Authority