Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mid-Ohio Vakket Transit Authority has elected not to usse the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
The accompaning schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Mid-Ohio Valley Transit Authority under programs of he federal government for the year ended June 30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations for Federal Awards (Uniform Guidance). Because
Title: Capital Expenditures/Noncash Assistance Expended
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mid-Ohio Vakket Transit Authority has elected not to usse the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
During certain fiscal years, the WV Department of Transportation - Division of Public Transit may purchase capital expenditures as nonmonetary federal assistance for the Mid-Ohio Valley Transit Authority from the West Virginia Department of Transportation - Division of Public Transit amounted to $0 as of June 30, 2023.
Title: Assistance Listing (Catalog of Federal Domestic Assistance (CFDA)
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mid-Ohio Vakket Transit Authority has elected not to usse the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
Assistance Listing (AL) ha replaced the Catalog of Federal Domestic Assistance (CFDA) for identifying federal programs.
Title: Pass-through to Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mid-Ohio Vakket Transit Authority has elected not to usse the 10% de minimus indirect cost rate allowed under the Uniform Guidance.
There were no awards passed-through to subrecipients.