Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: Note 2 Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Port has not elected to use the 10 percent de minimis indirect cost rate and the accompanying Schedule does not include any indirect costs that were claimed for reimbursement using an indirect cost rate or cost allocation plan. The federal participation rate for the federal awards varies by agreement and program. The Schedule represents only the federally funded portion of expenditures. Total related program costs are generally greater than the amounts reported on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Port of Seattle (the Port) for programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Port, it is not intended and does not present the net position, changes in net position, or cash flows of the Port.
Title: Note 3 Amounts reported for Assistance Listing 97.036 Disaster Grants
Accounting Policies: Note 2 Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Port has not elected to use the 10 percent de minimis indirect cost rate and the accompanying Schedule does not include any indirect costs that were claimed for reimbursement using an indirect cost rate or cost allocation plan. The federal participation rate for the federal awards varies by agreement and program. The Schedule represents only the federally funded portion of expenditures. Total related program costs are generally greater than the amounts reported on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In accordance with 2 CFR 200 Appendix XI, expenditures related to this program should only be recognized on the Schedule after the award recipient has both incurred eligible expenditures and the Federal Emergency Management Agency (FEMA) has approved the recipient's Project Worksheet. This can lead to expenditures being reported on the Schedule in years subsequent to when the costs were originally incurred. The Port reported $630,078 on the 2022 Schedule for expenditures incurred in 2020 and 2021, as FEMA approved the Port's Project Worksheets in 2022.
Title: Note 4 Non-Cash Awards
Accounting Policies: Note 2 Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Port has not elected to use the 10 percent de minimis indirect cost rate and the accompanying Schedule does not include any indirect costs that were claimed for reimbursement using an indirect cost rate or cost allocation plan. The federal participation rate for the federal awards varies by agreement and program. The Schedule represents only the federally funded portion of expenditures. Total related program costs are generally greater than the amounts reported on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The $4,661 reported under assistance listing 97.067 - Homeland Security Grant Program, represents the value of equipment received from the Seattle Fire Department during 2022. The Seattle Fire Department purchased the equipment with Homeland Security funds.
Title: Note 5 Reconciliation to Financial Statements
Accounting Policies: Note 2 Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Port has not elected to use the 10 percent de minimis indirect cost rate and the accompanying Schedule does not include any indirect costs that were claimed for reimbursement using an indirect cost rate or cost allocation plan. The federal participation rate for the federal awards varies by agreement and program. The Schedule represents only the federally funded portion of expenditures. Total related program costs are generally greater than the amounts reported on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Please refer to the table in Note 5 for the reconciliation of grants-in-aid funds as presented on the financial statements.