Notes to SEFA
Title: Sub-recipients
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Jackson County Mass Transit 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Jackson County Mass Transit District elected to not use the 10% de minimis cost rate as covered in § 200.414 indirect (F&A) costs because all of the District’s costs are direct costs.
Jackson County Mass Transit District did not provide any amount of federal funds to sub-recipient during the fiscal year ended June 30, 2023.
Title: Non-Cash Assistance
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Jackson County Mass Transit 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Jackson County Mass Transit District elected to not use the 10% de minimis cost rate as covered in § 200.414 indirect (F&A) costs because all of the District’s costs are direct costs.
Jackson County Mass Transit District received federal non-cash assistance totaling $3,600 during the year ended June 30, 2023 through a vehicle provided to them at no cost with Vehicle Procurement Grants.
Title: Loans Outstanding
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Jackson County Mass Transit 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Jackson County Mass Transit District elected to not use the 10% de minimis cost rate as covered in § 200.414 indirect (F&A) costs because all of the District’s costs are direct costs.
Jackson County Mass Transit District had no loans outstanding as of June 30, 2023.
Title: Insurance Coverage
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Jackson County Mass Transit 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). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: Jackson County Mass Transit District elected to not use the 10% de minimis cost rate as covered in § 200.414 indirect (F&A) costs because all of the District’s costs are direct costs.
Significant losses are covered by commercial insurance for all major programs: property, liability, and workers compensation. During the year ended June 30, 2023, there were no significant reductions in coverage or settlements paid which exceeded insurance coverage.