Notes to SEFA
Title: Basis Of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accural basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mountain Transit Authority has elected not to use the 10% deminimus indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Mountain Transit Authority 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 represents only the selected portion of the operations of Mountain Transit Authority, it is not intended to and does not present the financial position and changes in net assets, or cash flows of the Mountain Transit Authority.
Title: Capital Expenditures/Noncash Assistance Expended
Accounting Policies: Expenditures reported on the Schedule are reported on the accural basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mountain Transit Authority has elected not to use the 10% deminimus indirect cost rate allowed under the Uniform Guidance.
During certain fiscal years, the West Virgina Department of Transportation - Divion of Public Transit may purchase capital ependitures as nonmonetary assistance for Mountain Transit Authority. The amount for the year ended June 30, 2023 nonmonetary federal and state assistance for Mountain Transit Authority thru the West Virgina Department of Transportion - 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 accural basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mountain Transit Authority has elected not to use the 10% deminimus indirect cost rate allowed under the Uniform Guidance.
Assistance Listing (AL) has 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 accural basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Mountain Transit Authority has elected not to use the 10% deminimus indirect cost rate allowed under the Uniform Guidance.
There were no awards passed-through to subrecipients.