Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures in the schedule of expenditures of federal awards (the schedule) are reported on the accrual 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Bis-Man Transit Board does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
The accompanying schedule includes the federal award activity of the Bis-Man Transit Board under programs of the federal government for the year ended December 31, 2023. The
information 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 Bis-Man Transit Board, it is not intended to and does not
present the financial position, changes in net assets, or cash flows of the Bis-Man Transit Board.
Title: PASS THROUGH IDENTIFYING NUMBERS
Accounting Policies: Expenditures in the schedule of expenditures of federal awards (the schedule) are reported on the accrual 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. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: Bis-Man Transit Board does not draw for indirect administrative expenses and has not elected to use the 10% de minimis cost rate.
Bis-Man Transit Board received money passed through multiple grantor agencies. There were two awards identified with the grants above that do not identify a pass-through identifying number.