Notes to SEFA
Title: NOTE 1 - BASIS OF ACCOUNTING
Accounting Policies: This Schedule is prepared on the same basis of accounting as the Port's financial statements. The Port uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Port has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
This Schedule is prepared on the same basis of accounting as the Port's financial statements. The Port uses the accrual basis of accounting.
Title: NOTE 2 - FEDERAL INDIRECT COST RATE
Accounting Policies: This Schedule is prepared on the same basis of accounting as the Port's financial statements. The Port uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Port has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Port has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 3 - REVOLVING LOAN
Accounting Policies: This Schedule is prepared on the same basis of accounting as the Port's financial statements. The Port uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Port has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Port has a revolving loan program for small manufacturing firms in Whatcom County. The balance of the RLF loans outstanding at the end of 2023 totaled $401,541. The cash and investment balance of 2023 was $275,164 and there were no administrative expenses paid out during the year. The Federal share of the RLF was 75%. ($401,541 + 275,166 + 0) *0.75 = $507,529.
Title: NOTE 4 - PROGRAM COSTS
Accounting Policies: This Schedule is prepared on the same basis of accounting as the Port's financial statements. The Port uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Port has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal award portion of the program costs. Entire program costs, including the Port's portion, are more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.