Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards and State Financial Assistance (the “Schedule”) presents the expenditures activity of all federal awards and all state financial assistance projects activity of the Port of Palm Beach District for the year ended September 30, 2025. The information in the schedules 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) and the requirements of the Florida Single Audit Act. Because the Schedule present only a selected portion of the expenditures 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. Some amounts presented in these schedules may differ from amounts presented in or used in the preparation of the basic financial statements. The Port’s reporting entity is defined in Note 1 of the Port’s basic financial statements. All federal awards and state financial assistance received directly from federal, state and indirectly through state agencies, as well as amounts passed through other government agencies are included in the accompanying schedule of expenditures of federal awards and state financial assistance.
Expenditures are recognized on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Florida Department of Financial Services' State Projects Compliance Supplement, wherein certain types of expenditures are not allowed or are limited as to reimbursement. The Port did not have any loan programs and did not receive any Federal or State non – cash assistance for the fiscal year ended September 30, 2025.
The Port did not recover its indirect costs using the 15% de minimis indirect cost rate provided under Section 200.414 of the Uniform Guidance.
Grant monies received and disbursed by the Port are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, the Port does not believe that such disallowances, if any, would have a material effect on the financial position of the Port. As of June 11, 2026 management is not aware of any material questioned or disallowed costs as a result of grant audits in process or completed; however, the possible disallowance by a governmental agency of any item charged to a program or project cannot be determined at this time.