Notes to SEFA
Title: Basis of Presentation:
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting when they become a demand on currently available financial resources. The Ports summary of significant accounting policies is presented in Note 1 in the basic financial statements. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Port has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activityof all federal grant activity of the Port under programs of the federal government for the year endedJune 30, 2022. The information in this schedule is presented in accordance with the requirements ofUniform Guidance. Because the Schedule presents only a selected portion of the operation of thePort, it is not intended to and does not present the financial position, changes in net position, or cashflows of the Port. The Port received federal awards both directly from federal agencies and indirectlyfrom pass through entities.