Notes to SEFA
Title: Note C Reconciliation to the Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Transit Authority of the City of Paducah and is presented on the Accrual basis of accounting. 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 Award (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal Awards are reported as non-operating revenues in the Statement of Revenues, Expenses, and Changes in Net position.