Notes to SEFA
Title: Bais of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of South Central Regional Transit District for the year ended June 30, 2023 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule only presents a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in net position of South Central Regional Transit District.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the minimis cost rate
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the South Central Regional Transit District for the year ended June 30, 2023 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule only presents a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in net position of the South Central Regional Transit District.
Title: Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of South Central Regional Transit District for the year ended June 30, 2023 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule only presents a selected portion of the operations of the District, it is not intended to and does not present the financial position or changes in net position of South Central Regional Transit District.
De Minimis Rate Used: N
Rate Explanation: The auditee elected not to use the minimis cost rate
The District did not use the 10% de minims cost rate for the current year.