Notes to SEFA
Title: NOTE 3 SUBRECIPIENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all Federal award programs of the Santa Barbara Metropolitan Transit District (the District). All Federal awards received directly from Federal agencies as well as Federal awards passed through from other government agencies are included on the Schedule. Expenditures on 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District provided $400,000 in federal awards to a subrecipient for the year ended June 30, 2022.
Title: NOTE 4 RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: The Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all Federal award programs of the Santa Barbara Metropolitan Transit District (the District). All Federal awards received directly from Federal agencies as well as Federal awards passed through from other government agencies are included on the Schedule. Expenditures on 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Grant expenditure reports for the year ended June 30, 2022, which have been submitted to grantor agencies, will, in some cases, differ from the amounts disclosed herein. The reports prepared for grantor agencies are typically prepared at a later date and often reflect refined estimates of the year-end accruals.
Title: NOTE 5 RELATIONSHIP OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO THE FI
Accounting Policies: The Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all Federal award programs of the Santa Barbara Metropolitan Transit District (the District). All Federal awards received directly from Federal agencies as well as Federal awards passed through from other government agencies are included on the Schedule. Expenditures on 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.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Amounts reported in the accompanying Schedule agree, in all material respects, to amounts reported within the Districts Statement of Revenues, Expenses and Changes in Net Position as presented in the Districts Audited Financial Statements as of and for the year ended June 30, 2022.