Notes to SEFA
Title: Note 3 - Program Costs
Accounting Policies: Note 1 - This schedule is prepared on the same basis of accounting as the Port of Woodland's financial statements. The Port of Woodland uses the Cash Basis Budgeting Accounting and Reporting System (BARS) Manual.
De Minimis Rate Used: N
Rate Explanation: Note 2 - The Port of Woodland has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended includes $0.00 claimed as an indirect cost recovery using an approved indirect cost rate of 0.0 percent.
The amounts shown as current year expenditures represent only the federal award portion of the program costs. Entire program costs, including the Port of Woodland'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 Adminsitrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.