Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.550, Rules of the Auditor General, wherein certain expenditures are not allowable or are limited as to reimbursement. The amounts reported as federal and state expenditures were obtained from the Port Authority's general ledger. For purposes of the Schedule, federal awards and state financial assistance include all grants, contracts, and similar agreements entered into directly with the federal government and state departments. The Panama City Port Authority has obtained Catalog of Federal Domestic Assistance (CFDA) and Catalog of State Financial Assistance (CSFA) numbers to ensure all awards and projects have been identified in the Schedule. There were no awards passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Panama City Port Authority has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal award and state financial assistance activity of the Panama City Port Authority under programs of the federal government and projects of state departments for the year ended September 30, 2022. 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. Because the Schedule only presents a selected portion of the operations of Panama City Port Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of Panama City Port Authority.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.550, Rules of the Auditor General, wherein certain expenditures are not allowable or are limited as to reimbursement. The amounts reported as federal and state expenditures were obtained from the Port Authority's general ledger. For purposes of the Schedule, federal awards and state financial assistance include all grants, contracts, and similar agreements entered into directly with the federal government and state departments. The Panama City Port Authority has obtained Catalog of Federal Domestic Assistance (CFDA) and Catalog of State Financial Assistance (CSFA) numbers to ensure all awards and projects have been identified in the Schedule. There were no awards passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Panama City Port Authority has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.550, Rules of the Auditor General, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The amounts reported as federal and state expenditures were obtained from the Port Authority's general ledger. For purposes of the Schedule, federal awards and state financial assistance include all grants, contracts, and similar agreements entered into directly with the federal government and state departments. The Panama City Port Authority has obtained Catalog of Federal Domestic Assistance (CFDA) and Catalog of State Financial Assistance (CSFA) numbers to ensure that all awards and projects have been identified in the Schedule. There were no awards passed through to subrecipients.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.550, Rules of the Auditor General, wherein certain expenditures are not allowable or are limited as to reimbursement. The amounts reported as federal and state expenditures were obtained from the Port Authority's general ledger. For purposes of the Schedule, federal awards and state financial assistance include all grants, contracts, and similar agreements entered into directly with the federal government and state departments. The Panama City Port Authority has obtained Catalog of Federal Domestic Assistance (CFDA) and Catalog of State Financial Assistance (CSFA) numbers to ensure all awards and projects have been identified in the Schedule. There were no awards passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Panama City Port Authority has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Panama City Port Authority has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Title: Prior Period Adjustment
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Chapter 10.550, Rules of the Auditor General, wherein certain expenditures are not allowable or are limited as to reimbursement. The amounts reported as federal and state expenditures were obtained from the Port Authority's general ledger. For purposes of the Schedule, federal awards and state financial assistance include all grants, contracts, and similar agreements entered into directly with the federal government and state departments. The Panama City Port Authority has obtained Catalog of Federal Domestic Assistance (CFDA) and Catalog of State Financial Assistance (CSFA) numbers to ensure all awards and projects have been identified in the Schedule. There were no awards passed through to subrecipients.
De Minimis Rate Used: N
Rate Explanation: Panama City Port Authority has elected not to use the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
During the audit of the financial statements for the year ended September 30, 2023, the Port Authority's beginning of year net position was restated for an error in grant expenditures in the amount of $590,044. These additional expenditures of $418,733 in federal and $171,311 in state funds qualified the Port Authority for a federal single audit. These amounts have been included on the Schedule for the year ended September 30, 2022.