Notes to SEFA
Title: Note 3 - Federal Loans
Accounting Policies: This schedule is prepared on the same basis of accounting as the Port of Everetts financial statements. The financial statements of the Port have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governments. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles.
De Minimis Rate Used: N
Rate Explanation: The Port has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance
The Port was approved by the Federal Railroad Administration, Railroad Rehabilitation and Improvement Financing Program to receive a loan totaling $5,727,677 for rail line expansion within the Ports terminal. The amount listed for this loan includes the beginning of the period loan balance plus any proceeds used during the year. The balance owing at the end of the period is $5,727,677.Both the current and prior year loan are reported on the Ports Schedule of Changes in Long-Term Liabilities.
Title: Note 4 - Program Costs
Accounting Policies: This schedule is prepared on the same basis of accounting as the Port of Everetts financial statements. The financial statements of the Port have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governments. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles.
De Minimis Rate Used: N
Rate Explanation: The Port has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the Ports portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or 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.
Title: Note 5 - Adjustments
Accounting Policies: This schedule is prepared on the same basis of accounting as the Port of Everetts financial statements. The financial statements of the Port have been prepared in conformity with generally accepted accounting principles (GAAP) as applied to governments. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles.
De Minimis Rate Used: N
Rate Explanation: The Port has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance
The National Infrastructure Investments grant 693JF72140023 included $4,768 in 2021 federal expenditures found to be ineligible in 2022. The amount shown on the 2021 SEFA should have been $2,380,307, not $2,385,075. The 2022 amount reported has been reduced by this amount.