Title: NOTE B ‐ SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
the Port of Beaumont Navigation District of Jefferson County, Texas under programs of the federal
government for the year ended August 31, 2023 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). Because the schedule presents only a selected
portion of the operations of the Port of Beaumont Navigation District of Jefferson County, Texas, it is
not intended to and does not present the financial position, changes in net position, or cash flows of
the Port of Beaumont Navigation District of Jefferson County, Texas.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
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 of Beaumont Navigation District of Jefferson County, Texas, has elected not to use the 10-percent
de minimis indirect cost rate allowed under the Uniform Guidance
Title: NOTE C ‐ CONTINGENCIES
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
the Port of Beaumont Navigation District of Jefferson County, Texas under programs of the federal
government for the year ended August 31, 2023 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). Because the schedule presents only a selected
portion of the operations of the Port of Beaumont Navigation District of Jefferson County, Texas, it is
not intended to and does not present the financial position, changes in net position, or cash flows of
the Port of Beaumont Navigation District of Jefferson County, Texas.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
These federal and state programs are subject to financial and compliance audits by grantor agencies,
which, if instances of material noncompliance are found, may result in disallowed expenditures, and
affect the Port’s continued participation in specific programs. The amount of expenditures which
may be disallowed by the grantor agencies cannot be determined at this time, although the Port
expects such amounts, if any, to be immaterial.
Title: NOTE D ‐ DISASTER GRANTS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of
the Port of Beaumont Navigation District of Jefferson County, Texas under programs of the federal
government for the year ended August 31, 2023 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). Because the schedule presents only a selected
portion of the operations of the Port of Beaumont Navigation District of Jefferson County, Texas, it is
not intended to and does not present the financial position, changes in net position, or cash flows of
the Port of Beaumont Navigation District of Jefferson County, Texas.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
Non-Federal entities must record expenditures on the Schedule of Expenditures of Federal Awards
(SEFA) only after the award is both approved and expended under CFDA 97.036. The Port expended
$23,688 on projects not yet obligated by FEMA during fiscal year ended August 31, 2023.