Notes to SEFA
Accounting Policies: (1) FEDERAL EXPENDITURES
The Schedule of Expenditures of Federal Awards reflects federal expenditures for all individual grants which were active during the fiscal year.
(2) BASIS OF ACCOUNTING
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Expenditures are recorded when incurred. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted on a cash basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Montgomery County Transportation Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. No indirect costs were charged to the Authority’s Federal awards for the year ended December 31, 2023.