Notes to SEFA
Title: REPORTING ENTITY
Accounting Policies: The Schedule is presented on the accrual basis of accounting and the amounts presented are derived from the Authority’s general ledger. For programs with funding ceilings and caps, federal expenditures are only recorded and presented in the Schedule up to such amounts.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Authority to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Authority does not use the de minimis election.
The accompanying schedule of expenditures of federal awards (the Schedule) presents the activity of federal financial assistance programs administered by the Ogdensburg Bridge and Port Authority (the Authority), an entity as defined in the basic financial statements.
Title: MATCHING COSTS
Accounting Policies: The Schedule is presented on the accrual basis of accounting and the amounts presented are derived from the Authority’s general ledger. For programs with funding ceilings and caps, federal expenditures are only recorded and presented in the Schedule up to such amounts.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Authority to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Authority does not use the de minimis election.
Matching costs, i.e., the Authority’s share of certain program costs, are not included in the Schedule.
Title: SUBRECIPIENTS
Accounting Policies: The Schedule is presented on the accrual basis of accounting and the amounts presented are derived from the Authority’s general ledger. For programs with funding ceilings and caps, federal expenditures are only recorded and presented in the Schedule up to such amounts.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Authority to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The Authority does not use the de minimis election.
The Authority did not provide any funding to subrecipients during the year ended March 31, 2025.