Notes to SEFA
Title: Relationship to Federal and State Financial Reports
Accounting Policies: The accompanying schedule of expenditures of Federal awards (the Schedule) includes the Federal award activity of the Port Authority of New York and New Jersey (the Port Authority) under programs of the Federal government for the year ended December 31, 2022. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Expenditures are recognized in the Schedule when amounts incurred in connection with Federal grants are reviewed for eligibility under the grant and verified as paid and eligible for reimbursement under the applicable program. Because the Schedule presents only a selected portion of the operations of the Port Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Port Authority. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Port Authority did not elect the 10% deminimus indirect cost rate as discussed in 2 CFR 200.414(f).
The regulations and guidelines governing the preparation of Federal and state financial reports vary by Federal and state agency and among programs administered by the same agency. Accordingly, the amounts reported in the Federal and state financial reports do not necessarily agree with the amounts reported in the accompanying Schedule which is prepared as explained in note 1.
Title: Disaster Grants Public Assistance
Accounting Policies: The accompanying schedule of expenditures of Federal awards (the Schedule) includes the Federal award activity of the Port Authority of New York and New Jersey (the Port Authority) under programs of the Federal government for the year ended December 31, 2022. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Expenditures are recognized in the Schedule when amounts incurred in connection with Federal grants are reviewed for eligibility under the grant and verified as paid and eligible for reimbursement under the applicable program. Because the Schedule presents only a selected portion of the operations of the Port Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Port Authority. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Port Authority did not elect the 10% deminimus indirect cost rate as discussed in 2 CFR 200.414(f).
As a result of Hurricane Sandy, the Port Authority will receive $39,787,861 in disaster relief assistance, which is reported on the Schedule for the year ended December 31, 2022. The Port Authority received approval of the award from the Federal Emergency Management Agency and States of New York and New Jersey and incurred these eligible expenses prior to 2022.