Notes to SEFA
Title: Note 1 - Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Gladwin City-County Transit under programs of the federal government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) 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 Gladwin City-County Transit, it is not intended to and does not present the financial position or changes in net position of Gladwin City-County Transit. Expenditures reported on the Schedule are reported on the modified 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. Negative amounts (if any) shown on the Schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures. The Gladwin City-County Transit has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance. The Gladwin City-County Transit does not have any subrecipients
De Minimis Rate Used: N
Rate Explanation: The Gladwin City-County Transit has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Gladwin City-County Transit under programs of the federal government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) 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 Gladwin City-County Transit, it is not intended to and does not present the financial position or changes in net position of Gladwin City-County Transit. Expenditures reported on the Schedule are reported on the modified 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. Negative amounts (if any) shown on the Schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures. The Gladwin City-County Transit has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance. The Gladwin City-County Transit does not have any subrecipients.