Audit 348714

Title: BASIS OF ACCOUNTING Accounting Policies: SEE NOTE ATTACHED De Minimis Rate Used: N Rate Explanation: INDIRECT COSTS WERE NOT CHARGED TO THE GRANT - SEE NOTE ATTACHED THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) INCLUDES THE FEDERAL GRANT ACTIVITY OF THE NEW MADRID COUNTY PORT AUTHORITY UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDING 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 REQUREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE). BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF THE NEW MADRID COUNTY PORT AUTHORITY, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF THE NEW MADRID COUNTY PORT AUTHORITY.

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: SEE NOTE ATTACHED De Minimis Rate Used: N Rate Explanation: INDIRECT COSTS WERE NOT CHARGED TO THE GRANT - SEE NOTE ATTACHED EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE MODIFIED ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN TITLE 2 U.S. CODE OF FEDERAL REGULATIONS PART 200 UNIFORM ADIMINSTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE), SUBPART E COST PRINCIPLES, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWED OR ARE LIMITED AS TO REIMBURSEMENT. PASS-THROUGH ENTITY IDENTIFYING NUMBERS ARE PRESENTED WHERE AVAILABLE.

Title: INDIRECT COST RATE Accounting Policies: SEE NOTE ATTACHED De Minimis Rate Used: N Rate Explanation: INDIRECT COSTS WERE NOT CHARGED TO THE GRANT - SEE NOTE ATTACHED THE GRANT AGREEMENT FOR THE CORONVIRUS STATE AND LOCAL RECOVERY FUNDS INCLUDED A 10% INDIRECT COST RATE. THE AUTHORITY DID NOT USE THE DE MINIMIS INDIRECT COST RATE. SPECIFICALLY, INDIRECT COSTS WERE NOT CHARGED TO THE GRANT, AND THEREFORE INDIRECT COSTS DO NOT APPLY.

Title: SUB-RECIPIENTS Accounting Policies: SEE NOTE ATTACHED De Minimis Rate Used: N Rate Explanation: INDIRECT COSTS WERE NOT CHARGED TO THE GRANT - SEE NOTE ATTACHED THE NEW MADRID COUNTY PORT AUTHORITY DOES NOT HAVE ANY SUB-RECIPIENTS OF FEDERAL FUNDS.