Notes to SEFA
Title: NOTE A - 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, Cost Principles for State
and Local Governments, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Did not use
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity
of the Sandy Valley Transportation Services, Inc. under programs of the 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 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 Sandy Valley Transportation Services, Inc., it is not
intended to and does not present the financial position, changes in net assets, or cash flows of Sandy Valley
Transportation Services, Inc. Pass-through entity identifying numbers are presented where available.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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, Cost Principles for State
and Local Governments, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Did not use
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, Cost Principles for State
and Local Governments, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
Title: NOTE C - INDIRECT COST RATE
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, Cost Principles for State
and Local Governments, wherein certain types of expenditures are not allowable or are limited as to
reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Did not use
Sandy Valley Transportation Services, Inc. has not elected to use the 10% de minimis indirect cost rate as
allowed under the Uniform Guidance.