Notes to SEFA
Title: Basis of Accounting
Accounting Policies: GAAP, full-accrual
De Minimis Rate Used: N
Rate Explanation: The Port did not choose to use the 10-percent de minimis indirect cost rate.
This schedule is prepared on the same basis of account as the Port of Friday Harbor's financial statements. The Port uss the full-accrual basis of accounting where revenues are recognized when earned and expenses are recognized when incurred. Fixed asset purchases are capitalized, and long-term liabilities are accounted for in the appropriate funds.
Title: Program Costs
Accounting Policies: GAAP, full-accrual
De Minimis Rate Used: N
Rate Explanation: The Port did not choose to use the 10-percent de minimis indirect cost rate.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the Port of Friday Harbor's portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in 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.
Title: Indirect Costs
Accounting Policies: GAAP, full-accrual
De Minimis Rate Used: N
Rate Explanation: The Port did not choose to use the 10-percent de minimis indirect cost rate.
The Port of Friday Harbor has not elected to use the 10-percent de minimis indirect cost rate allowed by the Uniform Guidance.