Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use de minimis cost rate
The accompanying schedule of expenditures of Federal and State awards (SEFSA) includes the Federal and State grant activity of Western Piedmont Regional Transit
Authority and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 US Code of
Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, and Audit Requirements for Federal
Awards and the State Single Audit Implementation Act. Because the SEFSA presents only a selected portion of Western Piedmont Regional Transit Authority, it is not
intended to and does not present the financial position, changes in net position or cash flows of Western Piedmont Regional Transit Authority.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use de minimis cost rate
Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained Uniform
Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported in the SEFSA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use de minimis cost rate
Western Piedmont Regional Transit Authority as an approved indirect cost rate of 37.99% from our cognizant agency, The Federal Transit Administration (FTA), as allowed under the Uniform Guidance.