Notes to SEFA
This Schedule is prepared on the same basis of accounting as the Port's financial statements. The financial statements of the Port have been prepared in conformity with generally accepted accounting principles {GAAP) as applied to governments. The Governmental Accounting Standards Board {GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles.
The Port has not elected to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance. The amount expended does not include reimbursement claimed as indirect cost recovery.
The Port was approved by the Federal Railroad Administration, Railroad Rehabilitation and Improvement Financing Program to receive a loan totaling $5,727,677 for rail line expansion within the Port's terminal. The amount listed for this loan includes the beginning of the period loan balance less any amounts paid during the year. The balance owing at the end of the period is $5,394,988. Both the current and prior year loan are reported on the Port's Schedule of Changes in Long-Term Liabilities.
The amounts shown as current year expenditures represent only the federal award portion of the program costs. Entire program costs, including the Port's portion, are more than shown. Such expenditures are recognized following 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.