Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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 Port has not elected to use the 10 percent de minimis indirect cost rate and the accompanying Schedule does not include any indirect costs that were claimed for reimbursement using an indirect cost rate or cost allocation plan.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Port of Seattle (the “Port”) for programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Port, it is not intended and does not present the net position, changes in net position, or cash flows of the Port.
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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 Port has not elected to use the 10 percent de minimis indirect cost rate and the accompanying Schedule does not include any indirect costs that were claimed for reimbursement using an indirect cost rate or cost allocation plan.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The Port has not elected to use the 10 percent de minimis indirect cost rate and the accompanying Schedule does not include any indirect costs that were claimed for reimbursement using an indirect cost rate or cost allocation plan.
Title: Note 3 – Federal Participation Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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 Port has not elected to use the 10 percent de minimis indirect cost rate and the accompanying Schedule does not include any indirect costs that were claimed for reimbursement using an indirect cost rate or cost allocation plan.
The federal participation rate for the federal awards listed in the Schedule vary by grant contract from 100% to 40%. Since the Schedule only reports the federal participation in the grant funded projects, total related project costs are generally more than the amounts reported in the Schedule.
Title: Note 4 – Reconciliation to Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following 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 Port has not elected to use the 10 percent de minimis indirect cost rate and the accompanying Schedule does not include any indirect costs that were claimed for reimbursement using an indirect cost rate or cost allocation plan.
See SEFA for Schedule