Notes to SEFA
Title: Note 3 - Program Costs
Accounting Policies: Note 1 - Basis of Accounting
This Schedule is prepared on the same basis of accounting as the Port Authority’s financial statements. The Port Authority uses the cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Federal Indirect Cost Rate
The Port Authority has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Indirect costs are not recovered through the grants
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the Port Authority’s portion, may be 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.