Notes to SEFA
Accounting Policies: The Schedule of Financial Assistance is prepared on the same basis of accounting as the Ports financial statements. The Port uses the full accrual basis whereby revenues are recognized when earned and expenses are recognized when incurred. Fixed assets are capitalized and depreciated, and long-term liabilities are recognized.
De Minimis Rate Used: N
Rate Explanation: The Port of Grays Harbor has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The Port has elected to not claim indirect costs so the amount expended includes $-0- for indirect costs.