Notes to SEFA
Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting, which is described in the Notes to the Authority’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de-minimis indirect cost rate of the year ended December 31, 2023.
The accompanying Schedule of Expenditures of Federal and State Awards presents the activity of all Federal and State financial assistance programs of the Port of Corpus Christi Authority of Nueces County, Texas (Authority). The Authority’s reporting entity is defined in the Notes to the Authority’s financial statements. All Federal financial assistance received directly from Federal agencies and passed through other government agencies is included on the schedule, as well as State assistance.
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards is presented using the accrual basis of accounting, which is described in the Notes to the Authority’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de-minimis indirect cost rate of the year ended December 31, 2023.
The Authority did not pass through Federal or State assistance to any subrecipient during the year ended December 31, 2023.