Notes to SEFA
Title: Note 1 - General
Accounting Policies: NOTE 1 – GENERAL The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of the Madera County Transportation Commission (the Commission). Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies are included in the schedule. The information in this SEFA 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).
De Minimis Rate Used: N
Rate Explanation: NOTE 4 – INDIRECT COST RATE The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of the Madera County Transportation Commission (the Commission). Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies are included in the schedule. The information in this SEFA 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).
Title: Note 2 - Basis of Accounting
Accounting Policies: NOTE 1 – GENERAL The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of the Madera County Transportation Commission (the Commission). Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies are included in the schedule. The information in this SEFA 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).
De Minimis Rate Used: N
Rate Explanation: NOTE 4 – INDIRECT COST RATE The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The accompanying SEFA is presented using the modified accrual basis of accounting, which is described in Note 1 of the Commission’s basic financial statements.
Title: Note - 3 Relationship to Basic Financial Statements
Accounting Policies: NOTE 1 – GENERAL The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of the Madera County Transportation Commission (the Commission). Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies are included in the schedule. The information in this SEFA 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).
De Minimis Rate Used: N
Rate Explanation: NOTE 4 – INDIRECT COST RATE The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
Federal award expenditures agree or can be reconciled with the amounts reported in the Commission’s basic financial statements.
Title: Note 4 - Indirect Cost Rate
Accounting Policies: NOTE 1 – GENERAL The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs of the Madera County Transportation Commission (the Commission). Federal awards received directly from federal agencies, as well as federal awards passed through other government agencies are included in the schedule. The information in this SEFA 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).
De Minimis Rate Used: N
Rate Explanation: NOTE 4 – INDIRECT COST RATE The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance
The Commission has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.