Notes to SEFA
Title: Basis of Presentation
Accounting Policies: GeneralThe accompanying Schedule of Expenditures of Federal Awards (SEFA) present the federal grant activity for theHidalgo County Regional Mobility Authority (the Authority) for the year ended December 31, 2022. The reportingentity is defined in Note I.A to the Authoritys financial statements. The information in this Schedule is presentedin accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSEFA presents only a selected portion of the operations of the Authority, it is not intended and does not present thefinancial position, changes in net assets, or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards is presented using the flow of economic resources measurement focus and use the accrual basis of accounting, which is described in Note I.B of the Authoritys notes to the financial statements. Under this method, revenues are recorded when earned and expenses are recorded at the time a liability is incurred. Federal grant funds are generally considered earned to the extent expenditures made under the provisions of the grant are made and, accordingly, when such funds are received, they are recorded as unearned revenues until earned. The Authority has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Relationship to Federal Financial Reports
Accounting Policies: GeneralThe accompanying Schedule of Expenditures of Federal Awards (SEFA) present the federal grant activity for theHidalgo County Regional Mobility Authority (the Authority) for the year ended December 31, 2022. The reportingentity is defined in Note I.A to the Authoritys financial statements. The information in this Schedule is presentedin accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSEFA presents only a selected portion of the operations of the Authority, it is not intended and does not present thefinancial position, changes in net assets, or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying schedule may not agree with the amounts reported in the related Federal financial reports filed with the grantor agencies because of accruals made in the schedule which will be included in future reports filed with agencies.
Title: Reconciliation of Schedule of Federal Awards to Annual Financial Report
Accounting Policies: GeneralThe accompanying Schedule of Expenditures of Federal Awards (SEFA) present the federal grant activity for theHidalgo County Regional Mobility Authority (the Authority) for the year ended December 31, 2022. The reportingentity is defined in Note I.A to the Authoritys financial statements. The information in this Schedule is presentedin accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because theSEFA presents only a selected portion of the operations of the Authority, it is not intended and does not present thefinancial position, changes in net assets, or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following is a reconciliation of the Schedule of Expenditures of Federal Awards (SEFA) to the Statement of Revenues, Expenses, and Changes in Net Position within the Hidalgo County Regional Mobility Authoritys Annual Financial Report: ( See table on PDF).