Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Transit's financial statements. 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. Pass-through entity identifying numbers are presented where applicable and have been identified in the Schedule.
De Minimis Rate Used: N
Rate Explanation: n/a
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Barry County Transit (the “Transit”) under programs of the federal government for the year ended September 30, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the schedule presents only a selected portion of the operations of the Transit, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Transit.
The Transit’s reporting entity is defined in Note 1 of the Transit’s financial statements.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Transit's financial statements. 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. Pass-through entity identifying numbers are presented where applicable and have been identified in the Schedule.
De Minimis Rate Used: N
Rate Explanation: n/a
Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Transit's financial statements. 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. Pass-through entity identifying numbers are presented where applicable and have been identified in the Schedule.
For purposes of charging indirect costs to federal awards, the Transit has not elected to use the 10% de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
Title: Note 3 - Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Transit's financial statements. 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. Pass-through entity identifying numbers are presented where applicable and have been identified in the Schedule.
De Minimis Rate Used: N
Rate Explanation: n/a
A schedule reconciling the federal expenditures reported on the Schedule to the amounts reported in the financial statements can be found on page 47 of the .pdf.