Title: 1. Reporting Entity
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Lake Transit Authority, California (Authority). The Authority's reporting entity is defined in Note 1 to the Authority's basic financial statements. ALl federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the Schedule of Expenditures of Federal Awards. This 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 Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected to not used the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Lake Transit Authority, California (Authority). The Authority's reporting entity is defined in Note 1 to the Authority's basic financial statements. ALl federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the Schedule of Expenditures of Federal Awards. This 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 Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of the Authority.
Title: 2. Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Lake Transit Authority, California (Authority). The Authority's reporting entity is defined in Note 1 to the Authority's basic financial statements. ALl federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the Schedule of Expenditures of Federal Awards. This 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 Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected to not used the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements, regardless of the measurement focus applied. The accompanying Schedule of Expenditures of Federal Awards, is presented using the accrual basis of accounting for grants accounted in the proprietary fund types, as described in the notes to the Authority financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursements.
Title: 3. Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Lake Transit Authority, California (Authority). The Authority's reporting entity is defined in Note 1 to the Authority's basic financial statements. ALl federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the Schedule of Expenditures of Federal Awards. This 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 Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected to not used the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Authority has elected to not used the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: 4. Relationship to Federal Financial Reports
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Lake Transit Authority, California (Authority). The Authority's reporting entity is defined in Note 1 to the Authority's basic financial statements. ALl federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the Schedule of Expenditures of Federal Awards. This 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 Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected to not used the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree or can be reconciled with amounts reported in the related federal financial assistance reports.
Title: 5. Relationship to Basic Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Lake Transit Authority, California (Authority). The Authority's reporting entity is defined in Note 1 to the Authority's basic financial statements. ALl federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the Schedule of Expenditures of Federal Awards. This 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 Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected to not used the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree or can be reconciled with amounts reported in the Authority's basic financial statements.
Title: 6. Pass-through Entities' Identifying Number
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Lake Transit Authority, California (Authority). The Authority's reporting entity is defined in Note 1 to the Authority's basic financial statements. ALl federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the Schedule of Expenditures of Federal Awards. This 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 Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected to not used the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
When federal awards were received from a pass-through entity, the Schedule of Expenditures of Federal Awards shows, if available, the identifying number assigned by the pass-through entity. When no identifying number is shown, the Authority determined that no identifying number is assigned for the program or the Authority was unable to obtain an identifying number from the pass-through entity.