Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all federal grant activity of the Port under programs of the federal government for the year ended June 30, 2025. The information in 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 operation 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.
Expenditures reported on the Schedule are reported on the accrual basis of accounting when they become a demand on currently available financial resources. The Port’s summary of significant accounting policies is presented in Note 1 in the basic financial statements.
The Port has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.