Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. This basis of accounting is described in note 1 to the combined financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) 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. The expenditures reflected in the schedule of expenditures of federal awards are presented at the federal participation level; thus, any matching portion is not included.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal award activity of the Delaware River Port Authority and subsidiary (collectively referred to as the “Authority”) under programs of the federal government for the year ended December 31, 2023. The Authority is defined in note 1 to the Authority's combined financial statements. The information in this schedule of expenditures of federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule of expenditures of federal awards presents only a selected portion of the operations of the Authority, it is not intended to and does not present the net position, changes in net position or cash flows of the Authority.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. This basis of accounting is described in note 1 to the combined financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) 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. The expenditures reflected in the schedule of expenditures of federal awards are presented at the federal participation level; thus, any matching portion is not included.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. This basis of accounting is described in note 1 to the combined financial statements. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) 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. The expenditures reflected in the schedule of expenditures of federal awards are presented at the federal participation level; thus, any matching portion is not included.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. This basis of accounting is described in note 1 to the combined financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) 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. The expenditures reflected in the schedule of expenditures of federal awards are presented at the federal participation level; thus, any matching portion is not included.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority has elected not to use the 10-percent de minimis indirect cost rate allowed under Uniform Guidance.
Title: RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. This basis of accounting is described in note 1 to the combined financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) 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. The expenditures reflected in the schedule of expenditures of federal awards are presented at the federal participation level; thus, any matching portion is not included.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports.
Title: MAJOR PROGRAMS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards are reported on the accrual basis of accounting. This basis of accounting is described in note 1 to the combined financial statements. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) 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. The expenditures reflected in the schedule of expenditures of federal awards are presented at the federal participation level; thus, any matching portion is not included.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Major programs are identified in the Summary of Auditor's Results section of the Schedule of Findings and Questioned Costs.