Notes to SEFA
Title: Note 1. Basis of Presentation:
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the Federal grant activity of Gunnison Valley Transportation Authority (the "Authority") and is presented on the modified 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, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the "Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis cost rate allowed in Title 2 U.S. Cost of Federal Regulations (CFR) §200.414, Indirect (F&A) Costs . Instead, the Authority prepares an annual cost allocation plan to allocate indirect costs.
The Schedule of Expenditures of Federal Awards includes the Federal grant activity of Gunnison Valley Transportation Authority (the "Authority") and is presented on the modified 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, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the "Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the general purpose financial statements.
Title: Note 2. Pass Through Sub Recipients:
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the Federal grant activity of Gunnison Valley Transportation Authority (the "Authority") and is presented on the modified 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, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the "Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis cost rate allowed in Title 2 U.S. Cost of Federal Regulations (CFR) §200.414, Indirect (F&A) Costs . Instead, the Authority prepares an annual cost allocation plan to allocate indirect costs.
The Authority had no sub recipients as of December 31, 2023.
Title: Note 3. Indirect Facilities and Administration Costs:
Accounting Policies: The Schedule of Expenditures of Federal Awards includes the Federal grant activity of Gunnison Valley Transportation Authority (the "Authority") and is presented on the modified 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, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the "Uniform Guidance"). Therefore, some amounts presented in this schedule may differ from amounts presented or used in the preparation of the general purpose financial statements.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis cost rate allowed in Title 2 U.S. Cost of Federal Regulations (CFR) §200.414, Indirect (F&A) Costs . Instead, the Authority prepares an annual cost allocation plan to allocate indirect costs.
The Authority has elected not to use the 10% de minimis cost rate allowed in Title 2 U.S. Cost of Federal Regulations (CFR) §200.414, Indirect (F&A) Costs . Instead, the Authority prepares an annual cost allocation plan to allocate indirect costs.