Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: SEE NOTE 2 ATTACHED
De Minimis Rate Used: N
Rate Explanation: INDIRECT COSTS WERE NOT CHARGED TO THE GRANT
THE ACCOMPANYING SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (THE SCHEDULE) INCLUDES THE FEDERAL GRANT ACTIVITY OF THE PEMISCOT COUNTY PORT AUTHORITY UNDER PROGRAMS OF THE FEDERAL GOVERNMENT FOR THE YEAR ENDING JUNE 30, 2024. THE INFORMATION IS 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). BECAUSE THE SCHEDULE PRESENTS ONLY A SELECTED PORTION OF THE OPERATIONS OF THE PEMISCOT COUNTY PORT AUTHORITY, IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF THE PEMISCOT COUNTY PORT AUTHORITY.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: SEE NOTE 2 ATTACHED
De Minimis Rate Used: N
Rate Explanation: INDIRECT COSTS WERE NOT CHARGED TO THE GRANT
EXPENDITURES REPORTED ON THE SCHEDULE ARE REPORTED ON THE MODIFIED ACCRUAL BASIS OF ACCOUNTING. SUCH EXPENDITURES ARE RECOGNIZED FOLLOWING THE COST PRINCIPLES CONTAINED IN TITLE 2 U.S. CODE OF FEDERAL REGULATIONS PART 200 UNIFORM ADMINISTRATIVE REQUIREMENTS, COST PRINCIPLES, AND AUDIT REQUIREMENTS FOR FEDERAL AWARDS (UNIFORM GUIDANCE), SUBPART E COST PRICIPLES, WHEREIN CERTAIN TYPES OF EXPENDITURES ARE NOT ALLOWABLE OR ARE LIMITED AS TO REIMBURSEMENT. PASS-THROUGH ENTITY IDENTIFYING NUMBERS ARE PRESENT WHERE AVAILABLE.
Title: INDIRECT-COST RATE
Accounting Policies: SEE NOTE 2 ATTACHED
De Minimis Rate Used: N
Rate Explanation: INDIRECT COSTS WERE NOT CHARGED TO THE GRANT
THE AUTHORITY DID NOT USE THE DE MINIMUS INDIRECT COST RATE. SPECIFICALLY, INDIRECT COSTS WERE NOT CHARGED TO THE GRANT, AND THEREFORE INDIRECT COSTS DO NOT APPLY
Title: SUB-RECIPIENTS
Accounting Policies: SEE NOTE 2 ATTACHED
De Minimis Rate Used: N
Rate Explanation: INDIRECT COSTS WERE NOT CHARGED TO THE GRANT
THE PEMISCOT COUNTY PORT AUTHROITY DOES NOT HAVE ANY SUB-RECIPIENTS OF FEDERAL FUNDS.