Notes to SEFA
Title: Matching Expenses
Accounting Policies: The Port is reported as a single enterprise fund and accordingly follows all the requirements set forth in enterprise fund accounting and reporting, including the accrual basis of accounting and application of all GASB pronouncements as well as the Financial Accounting Standards Board (“FASB”) pronouncements issued on or before November 30, 1989, unless those pronouncement conflict with or contradict GASB pronouncements. Federal financial assistance for the benefiting enterprise operations is accounted for in the single Enterprise Fund. Generally, unused balances are returned to the grantor at the close of specified project periods.
De Minimis Rate Used: N
Rate Explanation: Indirect Cost Rate - The Port did not elect to use the 10 percent de minimis indirect cost rate as covered in 2.CFR.200.414. Uniform guidance 200.510(6) requires the Port to disclose whether or not it elected to use the 10 percent de minimis cost rate that 200.414(f) allows for nonfederal entities that have never received a negotiated indirect cost rate.
Matching Expenses - The Port Security Grants Program require local matching expenditures. Matching expenses for the year ended September 30, 2023 were as follows: