Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: The accompanying Schedule is prepared based on the accrual basis of accounting. Expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain type of
expenditures are not allowed or are limited as to reimbursements. Pass-through entity identifying
numbers are presented where applicable.
De Minimis Rate Used: N
Rate Explanation: The Port has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of
all federal award programs of the Port of Tacoma (the Port) for the year ended December 31, 2024. The
information in the Schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal
Regulations (CFR) 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 Port, it is not intended to and does not present the financial position,
changes in net position, or cash flows of the Port
Title: Note 2 – Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule is prepared based on the accrual basis of accounting. Expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain type of
expenditures are not allowed or are limited as to reimbursements. Pass-through entity identifying
numbers are presented where applicable.
De Minimis Rate Used: N
Rate Explanation: The Port has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule is prepared based on the accrual basis of accounting. Expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain type of
expenditures are not allowed or are limited as to reimbursements. Pass-through entity identifying
numbers are presented where applicable
Title: Note 3 – Indirect Costs
Accounting Policies: The accompanying Schedule is prepared based on the accrual basis of accounting. Expenditures are
recognized following the cost principles contained in the Uniform Guidance, wherein certain type of
expenditures are not allowed or are limited as to reimbursements. Pass-through entity identifying
numbers are presented where applicable.
De Minimis Rate Used: N
Rate Explanation: The Port has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Port has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.