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PENINSULA AIRPORT COMMISSION
A COMPONENT UNIT OF THE CITY OF NEWPORT NEWS, VIRGINIA
NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED JUNE 30, 2024
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Note 1—Basis of presentation
The schedule of expenditures of federal awards (the “Schedule) include all grants, contracts, and similar
agreements entered into directly between the Peninsula Airport Commission (the “Commission”) and agencies
and departments of the federal government. The information in the Schedule is prepared on the accrual basis of
accounting and 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”). The grants reflect transactions for the fiscal year irrespective of the year of grant award and,
accordingly, the Schedule does not include a full year’s activity for grants awarded or terminated on dates not
coinciding with the aforementioned fiscal year.
The Commission has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform
Guidance.
There were no awards passed through to subrecipients.
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