Notes to SEFA
Accounting Policies: Note 1 – Summary of Significant Accounting Policies
General
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award
programs of South Central Illinois Mass Transit District. The District’s reporting entity is defined in Note 1
to the District’s financial statements. Federal awards passed through other government agencies are included
on the schedule.
Basis of Accounting
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of
accounting, which is described in Note 1 to the District’s financial statements.
Relationship to Basic Financial Statements
Federal awards received are reflected in the District’s financial statements within the Statement of Revenues
and Expenses as receipts from federal sources.
Relationship to Program Financial Reports
Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts
reported in the Program Financial Reports for programs which have filed final reports as of June 30, 2023,
with the Illinois Department of Transportation.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE