Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of the Transportation Authority, a component unit of the City and County of San Francisco, California, under programs of the federal government for the year ended June 30, 2022. Funds received under the various grant programs have been recorded in the CMA programs and TIMMA special revenues funds of the Transportation Authority. Because the schedule presents only a selected portion of the operations of the Transportation Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Transportation Authority.The Transportation Authority utilizes the modified accrual basis of accounting for governmental funds, except for subrecipient expenditures, which are recorded on the cash basis. Negative amounts represent adjustments to items reported as expenditures in prior years. Subrecipient expenditures are reported on the cash basis. Negative amounts represent adjustments to items reported as expenditures in the prior years SEFA. The SEFA has been prepared accordingly. 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).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.