Audit 327592

Title: Note 1 - Basis of Presentation Accounting Policies: Note 2 - Significant Accounting Policies - Expenditures reported on the schedule are reported on the accrual basis of accounting. Expenditures are reflected as the Port receives goods and services that are eligible for federal funding. Such expenditures are recognized following the cost principles contained in Subpart E of the OMB Uniform Guidance, Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule, if applicable, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. De Minimis Rate Used: N Rate Explanation: The Port has elected to not utilize the 10% de minimis indirect cost rate provided for in the Uniform Guidance. The Port bills the U.S. Army Corps of Engineers using approved indirect cost rates. Annually, indirect cost rates are reconciled to actual results, and any variances are billed or credited to the U.S. Army Corps of Engineers under a cost-reimbursement contract. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grants and contracts activity of the Port of Portland (the Port) under programs of the federal government for the year ended June 30, 2024. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Port, it is not intended to and does not present the financial position, changes in net position or cash flows of the Port. Federal assistance listing numbers are included where available.