Notes to SEFA
Title: Major Program Determination
Accounting Policies: Note 1Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by Tompkins Consolidated Area Transit, Inc. (TCAT, Inc.), an entity as defined in Note 1 to TCAT Inc.s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards.Note 2Basis of AccountingThe basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program.Amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable program and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger, which is the source of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
TCAT, Inc. has determined that all federal programs with expenditures of $750,000 or more are Type A programs. For the year ended December 31, 2022, TCAT, Inc. has only one Type A program which is deemed a major program for the purpose of the Schedule of Expenditures of Federal Awards.
Title: Other Disclosures
Accounting Policies: Note 1Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by Tompkins Consolidated Area Transit, Inc. (TCAT, Inc.), an entity as defined in Note 1 to TCAT Inc.s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards.Note 2Basis of AccountingThe basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program.Amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable program and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger, which is the source of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Insurance is carried to cover vehicles purchased with federal funds. Other equipment purchased with federal funds has only a nominal value and is covered by the TCAT, Inc.s casualty insurance policies. There were no loans, loan guarantees, or interest subsidies outstanding at year end. There was no noncash assistance provided to TCAT, Inc. and no amounts were provided to subrecipients.
Title: Matching Costs
Accounting Policies: Note 1Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by Tompkins Consolidated Area Transit, Inc. (TCAT, Inc.), an entity as defined in Note 1 to TCAT Inc.s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards.Note 2Basis of AccountingThe basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program.Amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable program and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger, which is the source of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Matching costs, including TCAT, Inc.s share of certain program costs, are not included in the reported expenditures.