Notes to SEFA
Title: NOTE 1 – 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,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Indirect costs may be included in the reported expenditures, to the extent that they are included in
the federal financial reports used as the source of the data presented. The Port has elected not to use
the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Matching costs, the Port’s share of grant costs, are not included in the reported expenditures.
De Minimis Rate Used: N
Rate Explanation: The Port has elected not to use
the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (“Schedule”) includes the activity of
federal award activity of Port of Oswego Authority under programs of the federal government for
the year ended March 31, 2025. The information in the Schedule is presented in accordance with the
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 Port, it is not intended to
and does not present the net position, changes in net position, or cash flows of the Port.
Title: NOTE 3 – SUBRECIPIENTS
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,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Indirect costs may be included in the reported expenditures, to the extent that they are included in
the federal financial reports used as the source of the data presented. The Port has elected not to use
the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Matching costs, the Port’s share of grant costs, are not included in the reported expenditures.
De Minimis Rate Used: N
Rate Explanation: The Port has elected not to use
the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
No amounts were provided to subrecipients.