Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the FY 2023 Local Public Transit Revenue and Expense Manual, as issued by the State of Michigan Department of Transportation’s Office of Passenger Transportation.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal grant activity of Marquette County Transit Authority (Authority) under programs of the federal government for the fiscal year ended September 30, 2023. The information in the SEFA is presented in accordance with the requirement 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 financial position, changes in net assets, or cash flows of the Authority.
Title: Subrecipients
Accounting Policies: Expenditures on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the FY 2023 Local Public Transit Revenue and Expense Manual, as issued by the State of Michigan Department of Transportation’s Office of Passenger Transportation.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
No federal awards were passed through by the Authority to any subrecipients during the year ended September 30, 2023.