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 in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. For fiscal year 2022, NVTC recognized amounts in the Schedule associated with prior yearexpenditures. Expenditures should be recognized in the fiscal year spent for reporting purposes. In the current fiscal year, $9,869,063 of prior year expenditures associated with the Federal Transit Cluster were included in the Schedule. Prior year expenditures associated with the cluster were reflected in the current year due to timing in which NVTC received draw down requests and supporting documentation from the NVTC member jurisdictions in which NVTC manages the federal grants.
De Minimis Rate Used: N
Rate Explanation: NVTC has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.