Notes to SEFA
Title: Note 3 - Federal Loans
Accounting Policies: This Schedule is prepared on the same basis of accounting as the financial statements for the Snohomish County Public Transportation Benefit Area (PTBA). The PTBA uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The PTBA has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Expended amounts for operations and capital are direct costs and do not include indirect costs.
Not Applicable
Title: Note 4 - Program Income
Accounting Policies: This Schedule is prepared on the same basis of accounting as the financial statements for the Snohomish County Public Transportation Benefit Area (PTBA). The PTBA uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The PTBA has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Expended amounts for operations and capital are direct costs and do not include indirect costs.
Program Income generated by grant supported activity in 2022 was retained and used for allowable capital or operating expenses as permitted by FTA's Grant Management Guidelines in Circular 5010.1E Chapter 7. Community Transit only generates Farebox or Advertising (on buses) revenue. In 2022, only Farebox Revenue was generated, there was no Advertising Revenue because there were no open bus grants to attribute the revenue and report under.Farebox Revenue was generated for operating projects and is always subtracted from the gross project cost to arrive at net eligible grant expense. During 2022, Farebox revenues of $3,031,422 were generated under the following grants:Farebox Revenue:CFDA GRANT ID AMOUNT20.507 WA-2021-050 $ 232,56320.507 WA-2022-025 $ 2,798,27820.507 WA-2022-036 $ 581
Title: Note 5 - Noncash Awards
Accounting Policies: This Schedule is prepared on the same basis of accounting as the financial statements for the Snohomish County Public Transportation Benefit Area (PTBA). The PTBA uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The PTBA has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Expended amounts for operations and capital are direct costs and do not include indirect costs.
Not Applicable
Title: Note 6 - Noncash Awards - Equipment
Accounting Policies: This Schedule is prepared on the same basis of accounting as the financial statements for the Snohomish County Public Transportation Benefit Area (PTBA). The PTBA uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The PTBA has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Expended amounts for operations and capital are direct costs and do not include indirect costs.
Not Applicable
Title: Note 7 - Program Costs
Accounting Policies: This Schedule is prepared on the same basis of accounting as the financial statements for the Snohomish County Public Transportation Benefit Area (PTBA). The PTBA uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The PTBA has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. Expended amounts for operations and capital are direct costs and do not include indirect costs.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the PTBAs portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.