Audit 296097

Accounting Policies: 1) Basis of Accounting ‐ The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Massachusetts Port Authority is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority. 2) Summary of Significant Accounting Policies Expenditures reported on the schedule of expenditures of federal awards are presented using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles of OMB Circular A87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Authority does not charge indirect costs to its federal grant programs, because it fully expends the amount of its grant awards on direct program expenditures. Thus, the Authority does not use the ten percent de‐minimis indirect cost rate allowed by the Uniform Guidance.