Notes to SEFA
The Port was approved by the U.S. Department of Transportation to receive a loan totaling $35,890,000 for the Industrial Rail Corridor Expansion project. During 2025, the Port incurred and reported eligible project expenditures under this federal program on the SEFA. Loan proceeds related to these expenditures were received subsequent to December 31, 2025; therefore no related loan liability was reported in the Port’s December 31, 2025, financial statements.
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.