Notes to SEFA
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained inTitle 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), whereincertain types of expenditures are not allowable or are limited as to reimbursement. The Ohio Valley Regional Transportation Authority did not use the 10% de minimiscost rate contained in the Uniform Guidance for Federal Awards. There were no outstanding balances on loan or loan guarantee programs described in 2 CFR section 200.502(b) as of September 30, 2020.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.