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 Port’s summary of significant accounting policies is presented in Note 1 in the basic financial statements.
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 activity of all federal grant activity of the Port under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of Uniform Guidance. Because the Schedule presents only a selected portion of the operation of the Port, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Port. The Port received federal awards directly from federal agencies.
Title: Summary of Significant Accounting Policies
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 Port’s summary of significant accounting policies is presented in Note 1 in the basic financial statements.
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.
Expenditures reported on the Schedule are reported on the accrual basis of accounting when they become a demand on currently available financial resources. The Port’s summary of significant accounting policies is presented in Note 1 in the basic financial statements.
Title: Indirect Cost Rate
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 Port’s summary of significant accounting policies is presented in Note 1 in the basic financial statements.
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 Port has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.