Title: 1. Basis of Accounting
Accounting Policies: 1) Basis of Accounting ‐ The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Massachusetts Port Authority is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, 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 Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority. 2) Summary of Significant Accounting Policies Expenditures reported on the schedule of expenditures of federal awards are presented using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles of OMB Circular A87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority does not charge indirect costs to its federal grant programs, because it fully expends the amount of its grant awards on direct program expenditures. Thus, the Authority does not use the ten percent de‐minimis indirect cost rate allowed by the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Massachusetts Port Authority (the “Authority”). 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 Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.
Title: 2. Summary of Significant Accounting Policies (1)
Accounting Policies: 1) Basis of Accounting ‐ The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Massachusetts Port Authority is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, 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 Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority. 2) Summary of Significant Accounting Policies Expenditures reported on the schedule of expenditures of federal awards are presented using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles of OMB Circular A87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority does not charge indirect costs to its federal grant programs, because it fully expends the amount of its grant awards on direct program expenditures. Thus, the Authority does not use the ten percent de‐minimis indirect cost rate allowed by the Uniform Guidance.
Expenditures reported on the schedule of expenditures of federal awards are presented using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles of OMB Circular A-87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: 2. Summary of Significant Accounting Policies (2)
Accounting Policies: 1) Basis of Accounting ‐ The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Massachusetts Port Authority is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, 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 Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority. 2) Summary of Significant Accounting Policies Expenditures reported on the schedule of expenditures of federal awards are presented using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles of OMB Circular A87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority does not charge indirect costs to its federal grant programs, because it fully expends the amount of its grant awards on direct program expenditures. Thus, the Authority does not use the ten percent de‐minimis indirect cost rate allowed by the Uniform Guidance.
The accompanying Schedule of Passenger Facility Charges includes the amounts collected and expended in accordance with the PFC Program. PFC Program revenues and expenses are recorded for financial reporting purposes on an accrual basis when earned and incurred, respectively. For reporting on the Supplemental Schedule of Passenger Facility Charges revenues and expenses are recorded on a cash basis when received and expended, respectively, as required by the Department of Transportation PFC Guide. BOS PFC collections consist of passenger facility fees and investment earnings on the restricted cash collected under the PFC Program. BOS PFC expenditures consist of allowable costs expended by the Authority and debt service payments made by the Authority related to the Authority’s BOS PFC revenue bonds. All allowable project costs are approved by the Federal Aviation Administration. Furthermore, at June 30, 2023, the Authority earned $13,144,748 of BOS PFC revenues. However, these revenues have not yet been received nor are they recorded in the supplemental schedule of Passenger Facility Charges since this schedule is prepared on a cash basis. The Authority stopped collecting ORH PFC revenues in 2011 from airlines at this facility. As of June 30, 2023, the Authority has a balance of $157,312 of ORH PFC revenues (collections plus interest) that is reserved due to the over collection of the FAA authorized amounts to be imposed at Worcester Regional Airport. The amount reported as collections totaling $656 for the year represents interest earned on the reserved amount. The Authority awaits FAA approval of its plan for the use of these accumulated excess ORH PFC funds.
Title: 3. Indirect Cost Rate
Accounting Policies: 1) Basis of Accounting ‐ The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Massachusetts Port Authority is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, 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 Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority. 2) Summary of Significant Accounting Policies Expenditures reported on the schedule of expenditures of federal awards are presented using the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles of OMB Circular A87, Cost Principles for State, Local and Tribal Governments, or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority does not charge indirect costs to its federal grant programs, because it fully expends the amount of its grant awards on direct program expenditures. Thus, the Authority does not use the ten percent de‐minimis indirect cost rate allowed by the Uniform Guidance.
The Authority does not charge indirect costs to its federal grant programs, including PFC, because it fully expends the amount of its grant awards on direct program expenditures. Thus, the Authority does not use the ten percent de-minimis indirect cost rate allowed by the Uniform Guidance.