Notes to SEFA
Accounting Policies: NOTE A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES1. BASIS OF PRESENTATIONThe accompanying schedule of expenditures of Federal Awards includes the federal grant activity of the St. Bernard Port, Harbor and Terminal District and is presented on the accrual basis of accounting. 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).2. ACCRUED AND DEFERRED REIMBURSEMENTVarious reimbursement procedures are used for federal awards received by the St. Bernard Port, Harbor and Terminal District. Consequently, timing differences between expenditures and program reimbursements can exist at the beginning and the end of the year.3. PAYMENTS TO SUBRECIPIENTSThere were no payments to sub-recipients for the year ended June 30, 2022.4. DE MINIMIS COST RATEThe St. Bernard Port, Harbor and Terminal District elected to not use the 10% De Minimis indirectcost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.