Notes to SEFA
Title: Summary of Significant Accounting Policies Applicable to the Schedule of Expenditures of Federal Awards
Accounting Policies: No significant accounting policies.
De Minimis Rate Used: N
Rate Explanation: There are no significant accounting policies and the Airport District does not use the de minimis cost rate.
A. Scope of Presentation
The accompanying schedule presents only the expenditures incurred by the Monterey Peninsula Airport District
(the District), that are reimbursable under federal programs of federal financial assistance. For the purposes of this schedule, federal awards include both federal financial assistance received directly from a federal agency, as well as federal funds received indirectly by the District from a non-federal agency or other organization. Only the portion of program expenditures reimbursable with such federal funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal reimbursement authorized or the portion of the program expenditures that were funded with state, local or other non-federal funds are excluded from the accompanying schedule.
B. Basis of Accounting
The expenditures included in the accompanying schedule were reported on the accrual basis of accounting. Under the accrual basis of accounting, expenditures are incurred when the District becomes obligated for payment as a result of the receipt of the related goods and services. Expenditures reported included any property or equipment acquisitions incurred under the federal program. The District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
C. Relationship to Federal Financial Reports
Amounts reported in the SEFA agree to or can be reconciled with the amounts reported in the related federal financial reports.
D. Relationship to Basic Financial Statements
The SEFA agrees to or can be reconciled with the amounts reported in the District’s basic financial statements.
Title: SECTION I - SUMMARY OF AUDITORS' RESULTS
Accounting Policies: No significant accounting policies.
De Minimis Rate Used: N
Rate Explanation: There are no significant accounting policies and the Airport District does not use the de minimis cost rate.
Financial Statements
Type of auditors' report issued: Unmodified Opinion
Internal control over financial reporting:
• Significant deficiencies identified? yes X none reported
• Material weaknesses identified? yes X no
Noncompliance material to financial
statements noted? yes X no
Federal Awards
Internal control over major programs:
• Significant deficiencies identified? yes X none reported
• Material weaknesses identified? yes X no
Type of auditors' report issued on compliance for major programs: Unmodified Opinion
Any audit findings disclosed that are required to be
reported in accordance with Title 2 U.S. Code of
Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform
Guidance)? yes X no
Identification of major programs:
Assistance Listing Number(s) Name of Federal Program or Cluster
20.106 Airport Improvement Program
Dollar threshold used to distinguish
between type A and type B program $750,000
Auditee qualified as low-risk auditee? X yes no
Title: SECTION II - FINANCIAL STATEMENT FINDINGS
Accounting Policies: No significant accounting policies.
De Minimis Rate Used: N
Rate Explanation: There are no significant accounting policies and the Airport District does not use the de minimis cost rate.
No matters were reported.
Title: SECTION III - FEDERAL AWARD FINDINGS AND QUESTIONED COSTS
Accounting Policies: No significant accounting policies.
De Minimis Rate Used: N
Rate Explanation: There are no significant accounting policies and the Airport District does not use the de minimis cost rate.
No matters were reported.