Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: Basis of PresentationThe accompanying schedule of expenditures of federal awards (the SEFA) includes the federal award activity of the Portunder programs of the federal government for the year ended June 30, 2022. The information in the SEFA is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the SEFA presentsonly a selected portion of the operations of the Port, it is not intended to and does not present the financial position, changesin net assets, or cash flows of the Port.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are notallowable or are limited as to reimbursement. The Port has elected not to use the 10 percent de minimis indirect cost rateallowed under the Uniform Guidance.