Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable,
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. No federal
financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: VVTA has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award
activity of the Victor Valley Transit Authority (VVTA) under programs of the federal government for the
year ended June 30, 2023. The information 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 operation of VVTA, it is not intended to, and does not, present the financial
position, changes in net position, or cash flows of VVTA.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable,
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. No federal
financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: VVTA has not elected to use the 10% de minimis cost rate.
Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable,
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. No federal
financial assistance has been provided to a subrecipient.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: Expenditures reported in the schedule are reported on the accrual basis of accounting. When applicable,
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. No federal
financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: VVTA has not elected to use the 10% de minimis cost rate.
VVTA has not elected to use the 10% de minimis cost rate.