Audit 356619

Title: Note 1: Basis of Presentation Accounting Policies: Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance (for federal expenditures) and TxGMS (for state expenditures), wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Port has elected not to use the 10-percent de minimis indirect cost rate, as allowed under the Uniform Guidance. In accordance with the TxGMS, the Port did not apply or use the indirect cost rate as defined by the TxGMS for the period ending December 31, 2024 . The accompanying Schedule of Expenditures of Federal and Schedule of Expenditures of State Awards (the Schedules) include the federal and state activity of The Board of Trustees of Galveston Wharves (the Port) under programs of the federal and state government for the year ended December 31, 2024. The information in the Schedules are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and the Texas Comptroller of Public Accounts, Texas Grant Management Standards (TxGMS). Because the Schedules present only a selected portion of the operations of the Port, they are not intended to and do not present the financial position, changes in net position or cash flows of the Port.