Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the New Madrid County Port Authority under programs of the federal government for the year ending 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 operations of the New Madrid County Port Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the New Madrid County Port Authority.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. 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 (Uniform Guidance), Subpart E Cost Principles, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
The grant agreement for the Coronavirus State and Local Fiscal Recovery Funds included a 10% indirect cost rate. The Authority did not use the de minimus indirect cost rate. Specifically, indirect costs were not charged to the grant, and therefore indirect costs do not apply.
The New Madrid County Port Authority does not have any sub-recipients of federal awards