Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all applicable federal award programs of Texarkana Urban Transit District (the “District”). The District's reporting entity is defined in Note 1 of the basic financial statements. Federal awards received directly from federal agencies, as well as awards passed through other government agencies, if any, are included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate as allowed in the Uniform Guidance.
The Schedule of Expenditures of Federal Awards is presented using the full accrual basis of accounting, as described in Note 1 of the basic financial statements. 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 (Uniform Guidance). Therefore, some of the amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.