Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Ports has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
A. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant
activity of the Ports under programs of the federal government for the year ended December 31, 2023.
The information in the SEFA is presented in accordance with the requirements of Title 2 U.S. Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a select portion
of the operations of the Ports, it is not intended to and does not present the financial position, changes
in net position, or cash flows of the Ports.
B. Other Significant Accounting Policies
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement.
Title: NOTE 2 - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Ports has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The Ports has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
Title: NOTE 3 - OTHER INFORMATION
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in Uniform Guidance, wherein certain types of
expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Ports has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The Ports did not have any subrecipient activity for the year ended December 31, 2023.