Notes to SEFA
Title: Non-Cash Assistance
Accounting Policies: BASIS OF PRESENTATION - The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal award activity of the Chatham Area Transit Authority (the Authority) under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selected portion of the operations of the Authority, it is not intended to and does not present the net position, changes in net position, or cash flows of the Authority. SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, 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 the de minimis cost rate.
No federal awards were expended in the form of non-cash assistance during the fiscal year ended June 30, 2022.
Title: SUBRECIPIENTS
Accounting Policies: BASIS OF PRESENTATION - The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal award activity of the Chatham Area Transit Authority (the Authority) under programs of the federal government for the year ended June 30, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selected portion of the operations of the Authority, it is not intended to and does not present the net position, changes in net position, or cash flows of the Authority. SIGNIFICANT ACCOUNTING POLICIES - Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, 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 the de minimis cost rate.
The Authority did not pass funding through to subrecipients during the fiscal year ended June 30, 2022.