Notes to SEFA
Title: Note 1 - Basis of Accounting
Accounting Policies: This schedule is prepared on the same basis of accounting as Twin Transit’s financial statements. Twin Transit uses the Budgeting, Accounting, and Reporting System for Transit Districts in the State of Washington. Twin Transit uses full accrual basis of accounting where revenues are recognized when earned and expenses are recognized when incurred.
De Minimis Rate Used: Y
Rate Explanation: Twin Transit has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
This schedule is prepared on the same basis of accounting as Twin Transit’s financial statements. Twin Transit uses the Budgeting, Accounting, and Reporting System for Transit Districts in the State of Washington. Twin Transit uses full accrual basis of accounting where revenues are recognized when earned and expenses are recognized when incurred.
Title: Note 2 – Federal De Minimis Indirect Cost Rate
Accounting Policies: This schedule is prepared on the same basis of accounting as Twin Transit’s financial statements. Twin Transit uses the Budgeting, Accounting, and Reporting System for Transit Districts in the State of Washington. Twin Transit uses full accrual basis of accounting where revenues are recognized when earned and expenses are recognized when incurred.
De Minimis Rate Used: Y
Rate Explanation: Twin Transit has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Twin Transit has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 3 – Program Costs
Accounting Policies: This schedule is prepared on the same basis of accounting as Twin Transit’s financial statements. Twin Transit uses the Budgeting, Accounting, and Reporting System for Transit Districts in the State of Washington. Twin Transit uses full accrual basis of accounting where revenues are recognized when earned and expenses are recognized when incurred.
De Minimis Rate Used: Y
Rate Explanation: Twin Transit has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal award portion of the program costs. The entire program costs, including the Twin Transit’s portion, are more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.