Notes to SEFA
Title: Note 3 – Program Costs
Accounting Policies: This Schedule is prepared on the same basis of accounting as the Port’s financial statements. The Port uses the cash basis of accounting and measurement focus where revenues are recognized when cash is received, and expenditures are recognized when paid. A grant was amended in 2022 that allowed the Port to reach back to prior years’ expenditures for reimbursement. This was the WA Recreation & Conservation Office grant #14-588; of the total listed on the SEFA, $18,487 was from prior years.
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 federal expenditures represent only the federal grant portion of the program costs. Entire program costs, including the Port’s portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or 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.