Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance includes the federal and state grant activity of the Port Authority and is presented on the accrual basis of accounting.
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) and Chapter 10.550, Rules of the Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. No amounts are passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Port Authority did not elect to use the 10% de minimis indirect cost rate on its federal awards as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance includes the federal and state grant activity of the Port Authority and is presented on the accrual basis of accounting. 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”) and Chapter 10.550, Rules of the Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. No amounts are passed through to subrecipients.
Title: NOTE B - INDIRECT COST RATE
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance includes the federal and state grant activity of the Port Authority and is presented on the accrual basis of accounting.
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) and Chapter 10.550, Rules of the Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. No amounts are passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Port Authority did not elect to use the 10% de minimis indirect cost rate on its federal awards as allowed under the Uniform Guidance.
The Port Authority did not elect to use the 10% de minimis indirect cost rate on its federal awards as allowed under the Uniform Guidance.
Title: NOTE C - CONTINGENCIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance includes the federal and state grant activity of the Port Authority and is presented on the accrual basis of accounting.
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) and Chapter 10.550, Rules of the Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. No amounts are passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Port Authority did not elect to use the 10% de minimis indirect cost rate on its federal awards as allowed under the Uniform Guidance.
These Federal programs and State projects are subject to financial and compliance audits by grantor agencies, which, if instances of material noncompliance are found, may result in disallowed expenditures, and affect the Port Authority’s continued participation in specific programs. The amount of expenditures which may be disallowed by the grantor agencies cannot be determined at this time, although the Port Authority expects such amounts, if any, to be immaterial.
Title: NOTE D - LOANS OUTSTANDING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance includes the federal and state grant activity of the Port Authority and is presented on the accrual basis of accounting.
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) and Chapter 10.550, Rules of the Auditor General. Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the basic financial statements. No amounts are passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Port Authority did not elect to use the 10% de minimis indirect cost rate on its federal awards as allowed under the Uniform Guidance.
The Port Authority had two State Infrastructure Bank Loans (CSFA #55.020) in the amount of $15,105,941 outstanding at September 30, 2024. The September 30, 2023 loan balance for these loans was $16,934,207. No loan proceeds were expended during the year ended September 30, 2024.