Notes to SEFA
Title: 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 Office of Management Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
GRTA did not pass-through and funds to sub recipients during the year.
De Minimis Rate Used: N
Rate Explanation: GRTA did not elect to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal loan balance of the Great Redwood Trail Agency (“GRTA”) formerly known as North Coast Railroad Authority (“NCRA”) under programs of the federal government for the years ended June 30, 2021 and 2020. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation (“CFR”) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of GRTA, it is not intended to and does not present the financial position, changes in net position, or cash flows of GRTA.
Title: Federal Railroad Rehabilitation and Improvement Financing Program
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 Office of Management Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
GRTA did not pass-through and funds to sub recipients during the year.
De Minimis Rate Used: N
Rate Explanation: GRTA did not elect to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Federal Railroad Rehabilitation and Improvement Financing Program is administered directly by GRTA and balances and transactions relating to this program are included in GRTA's basic financial statements. The loan balance as of June 30, 2021 and 2020 is as listed on the schedule of expenditures of federal awards.
Title: Federal Expenditures Incurred in Prior Years
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 Office of Management Budget Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
GRTA did not pass-through and funds to sub recipients during the year.
De Minimis Rate Used: N
Rate Explanation: GRTA did not elect to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
GRTA’s costs under the Federal Railroad Rehabilitation and Improvement Financing Program were incurred in the following fiscal years: Fiscal Year Ended June 30,
2010 $ 6 27,662
2011 2,093,998
2012 458,340
Total $ 3,180,000