Notes to SEFA
Accounting Policies: A. Reporting Entity - The accompanying schedule includes all federal award programs of the Biddeford-Saco-Old Orchard Beach Transit Committee for the fiscal year ended June 30, 2022. The reporting entity is defined in notes to basic financial statements of the Biddeford-Saco-Old Orchard Beach Transit Committee. B. Basis of Presentation - The information in the accompanying Schedule of Expenditures of Federal Awards is presented in accordance with the Uniform Guidance. 1. Pursuant to the Uniform Guidance, federal awards are defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. 2. Major Programs - the Uniform Guidance establishes the level of expenditures or expenses to be used in defining major federal award programs. Major programs for the Biddeford-Saco-Old Orchard Beach Transit Committee are identified in the summary of auditors results in the schedule of findings and questioned costs. C. Basis of Accounting - The information presented in the schedule of expenditures of federal awards is presented on the accrual basis of accounting, which is consistent with the reporting in the Transit Committee's financial statements.
De Minimis Rate Used: N
Rate Explanation: The amounts expended include costs claimed as an indirect cost recovery using an approved indirect cost rate of 32.23%. As such, the entity has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.