Notes to SEFA
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: SEE NOTE 2
De Minimis Rate Used: N
Rate Explanation: SEE NOTE 2
Expenditures reported on the SEFA are reported on the cash basis of accounting. 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. The Port did not use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: SEE NOTE 2
De Minimis Rate Used: N
Rate Explanation: SEE NOTE 2
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of the Port of Bandon (Port) under programs of the federal government for the year ended June 30, 2024. The information in the SEFA is prepared in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Require- ments for Federal Awards (Uniform Guidance). Because the SEFA presents only a selected portion of the operations of the Port, it is not intended to and does not present the cash basis financial position, or changes in cash basis net assets, of the Port.