Notes to SEFA
Title: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Bloomington Public Transportation Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of the BPTC under programs of the federal government for the year ended December 31, 2023. The information in the SEFA 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 SEFA presents only a select portion of the operations of the BPTC, it is not intended to and does not present the financial position, changes in net position, or cash flows of the BPTC.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
Title: NOTE 2 - INDIRECT COST RATE
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Bloomington Public Transportation Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Bloomington Public Transportation Corporation has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.