Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accounting policies an presentation of the Schedule of Expenditures of Federal Awards and State Financial Assistance of the Suwannee Valley Transit Authority (the Authority), have been designed to conform to generally accepted accounting principles as applicable to governmental units, including the reporting and compliance requirements of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards by Title 2 U.S. Code of Federal Regulations (CFR) Part 200.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the de minimis indirect cos rate for the fiscal year ended September 30, 2023.
The accounting policies an presentation of the Schedule of Expenditures of Federal Awards and State Financial Assistance of the Suwannee Valley Transit Authority (the Authority), have been designed to conform to generally accepted accounting principles as applicable to governmental units, including the reporting and compliance requirements of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards by Title 2 U.S. Code of Federal Regulations (CFR) Part 200.
Title: Reporting Entity
Accounting Policies: The accounting policies an presentation of the Schedule of Expenditures of Federal Awards and State Financial Assistance of the Suwannee Valley Transit Authority (the Authority), have been designed to conform to generally accepted accounting principles as applicable to governmental units, including the reporting and compliance requirements of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards by Title 2 U.S. Code of Federal Regulations (CFR) Part 200.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the de minimis indirect cos rate for the fiscal year ended September 30, 2023.
The reporting entity consists of the Suwannee Valley Transit Authority. The Authority includes a Schedule of Expenditures of Federal Awards and State Financial Assistance in the Compliance Section for the purpose of additional analysis.
Title: Basis of Accounting
Accounting Policies: The accounting policies an presentation of the Schedule of Expenditures of Federal Awards and State Financial Assistance of the Suwannee Valley Transit Authority (the Authority), have been designed to conform to generally accepted accounting principles as applicable to governmental units, including the reporting and compliance requirements of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards by Title 2 U.S. Code of Federal Regulations (CFR) Part 200.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the de minimis indirect cos rate for the fiscal year ended September 30, 2023.
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements. Basis of accounting related to the timing of the measurements made, regardless of the measurement focus.
The accrual basis of accounting is followed in the Schedule of Expenditures of Federal Awards and State Financial Assistance. Under the accrual basis, revenues are recognized when they become measurable earned. Expenses generally are recorded when a liability is incurred.
Title: Subrecipients
Accounting Policies: The accounting policies an presentation of the Schedule of Expenditures of Federal Awards and State Financial Assistance of the Suwannee Valley Transit Authority (the Authority), have been designed to conform to generally accepted accounting principles as applicable to governmental units, including the reporting and compliance requirements of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards by Title 2 U.S. Code of Federal Regulations (CFR) Part 200.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the de minimis indirect cos rate for the fiscal year ended September 30, 2023.
The Schedule of Expenditures of Federal Awards and State Financial Assistance is required to identify amounts passed through to subrecipients of grant funding. The Authority did not have any subrecipients of grant funding in the current year.
Title: Indirect Cost Rate
Accounting Policies: The accounting policies an presentation of the Schedule of Expenditures of Federal Awards and State Financial Assistance of the Suwannee Valley Transit Authority (the Authority), have been designed to conform to generally accepted accounting principles as applicable to governmental units, including the reporting and compliance requirements of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards by Title 2 U.S. Code of Federal Regulations (CFR) Part 200.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the de minimis indirect cos rate for the fiscal year ended September 30, 2023.
The Authority did not elect to use the de minimis indirect cos rate for the fiscal year ended September 30, 2023.