Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Hancock County Port and Harbor Commission (Commission) under programs of the federal government for the year ended September 30, 2025 and is presented on the accrual basis of accounting. 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 operations of the Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of Hancock County Port and Harbor Commission.
The following reconciles the total expenditures of federal awards to grant revenue recognized in the statement of revenues, expenses, and change in net position for the year ended September 30, 2025: