Audit 47507

Title: Subrecipients Accounting Policies: The accompanying schedule of expenditures of federal awards and state financial assistance (the Schedule) includes the federal and state grant activity of the Jacksonville Port Authority (Authority), a component unit of the City of Jacksonville, Florida, and is presented using the accrual basis of accounting for grants which are accounted for in proprietary funds. Such expenditures are reported 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), and Chapter 10.550, Rules of the Florida Auditor General. Wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The accompanying Schedule includes the federal and state award activity of the Authority under programs of the federal and state government for the year ended September 30, 2022. Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, and changes in net position or cash flows of the Authority. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The Authority did not make sub-awards of federal or state financial assistance during the year ended September 30, 2022.