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 Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Ohio Valley Regional Transportation Authority did not use the 10% de minimis cost rate contained in the Uniform Guidance for Federal Awards. There were no outstanding balances on loan or loan guarantee programs described in 2 CFR section 200.502(b) as of September 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The Ohio Valley Regional Transportation Authority did not use the 10% de minimis cost rate contained in the Uniform Guidance for Federal Awards.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Ohio Valley Regional Transportation Authority and is presented on the accrual basis of accounting. 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 amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
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 Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Ohio Valley Regional Transportation Authority did not use the 10% de minimis cost rate contained in the Uniform Guidance for Federal Awards. There were no outstanding balances on loan or loan guarantee programs described in 2 CFR section 200.502(b) as of September 30, 2023.
De Minimis Rate Used: N
Rate Explanation: The Ohio Valley Regional Transportation Authority did not use the 10% de minimis cost rate contained in the Uniform Guidance for Federal Awards.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Ohio Valley Regional Transportation Authority did not use the 10% de minimis cost rate contained in the Uniform Guidance for Federal Awards. There were no outstanding balances on loan or loan guarantee programs described in 2 CFR section 200.502(b) as of September 30, 2023.