Notes to SEFA
Title: Major Programs - Federal
Accounting Policies: Expenditures presented 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 Green Mountain Transit Authority elected to use a 7.24% fixed indirect cost rate for fiscal year 2022, as approved by the Federal Transit Administration. The approved fixed indirect cost rate used by Green Mountain Transit Authority in fiscal year 2022 is calculated using an indirect cost rate base type of modified total direct costs.
The following programs were considered major programs as defined by the Uniform Guidance and also Type A programs as defined by the Uniform Guidance. These programs were tested due to the Agency being classified as low-risk as defined in the Uniform Guidance:Program FAL #Federal Transit Cluster 20.500, 20.507 and 20.526Formula Grants for Rural Areas 20.509