This Schedule is prepared on the same basis of accounting as the Port’s financial statements. The Port uses the cash basis of accounting and measurement focus where revenues are recognized when cash is received, and expenditures are recognized when paid.
The Port has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as federal expenditures represent only the federal grant portion of the program costs. Entire program costs, including the Port’s portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
11.307 Economic Development Administration (EDA), Economic Adjustment Assistance - 07-79-07724 The original construction budget for the Point Hudson Breakwater project was $14,062,600. The EDA grant was awarded with a 50% match, EDA award amount of $7,031,300. The project was completed under budget at $11,692,369. A request was made to EDA to award the full grant amount of $7,031,300 to the project, which EDA granted. This increased the awarded grant to 60% of the construction costs. 15.622 US Fish &Wildlife Service, Sportfishing and Boating Safety Act (via WA State Parks & Recreation Commission (RCO)) 14- 588 In 2022, an amendment to the grant agreement was approved to change the scope of the project to design, engineering and permitting only. This occurred following the 11.307 EDA federal grant award for construction purposes. In 2024, an amendment to the grant agreement was agreed to change the grant match amount from 62.02% to 50%.
21.027 US Treasury, COVID-19 (via WA State Dept. of Commerce) 22-96515-004 Four reimbursement requests for the Boat Haven Stormwater project were requested in 2024 for a total of $855,220 in reimbursable expenses. The first reimbursement request included prior year expenses of FY 2022 $12,819.36 and FY 2023 $156,594.00.