Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported 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 expenses are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule represents adjustments or credits made in the normal course of business to amounts reported as expenses in prior years. Pass-through entity identifying numbers are presented where are available. Huron County Transit Fund has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: HURON TRANSIT ELECTED NOT TO USE THE 10% DEMINIMUS INDIRECT COST RATE.
The accompanying schedule of expenditures of federal awards includes the federal award activity of Huron County Transit Fund under programs of the federal government for the year ended September 30, 2023. The information in this Schedule is presented in accordance with requirements of Title 2 US. 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 Huron County Transit Fund, it is not intended to and does not present the financial position or changes in net position of Huron County Transit Fund.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported 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 expenses are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule represents adjustments or credits made in the normal course of business to amounts reported as expenses in prior years. Pass-through entity identifying numbers are presented where are available. Huron County Transit Fund has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: HURON TRANSIT ELECTED NOT TO USE THE 10% DEMINIMUS INDIRECT COST RATE.
Expenditures reported 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 expenses are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule represents adjustments or credits made in the normal course of business to amounts reported as expenses in prior years. Pass-through entity identifying numbers are presented where are available. Huron County Transit Fund has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 3 – SUBRECIPIENTS
Accounting Policies: Expenditures reported 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 expenses are not allowable or are limited as to reimbursement. Negative amounts (if any) shown on the Schedule represents adjustments or credits made in the normal course of business to amounts reported as expenses in prior years. Pass-through entity identifying numbers are presented where are available. Huron County Transit Fund has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: HURON TRANSIT ELECTED NOT TO USE THE 10% DEMINIMUS INDIRECT COST RATE.
No Federal Awards were passed through by the Huron County Transit Fund to any subrecipients during the year.