Notes to SEFA
Title: BASIS OF ACCOUNTING
Accounting Policies: This schedule is prepared on the same basis of accounting as Valley Transit’s financial statements. Valley Transit uses the accrual basis of accounting for federal grants.
De Minimis Rate Used: N
Rate Explanation: Valley Transit has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and did not charge indirect costs to the grants.
This schedule is prepared on the same basis of accounting as Valley Transit’s financial statements. Valley Transit uses the accrual basis of accounting for federal grants.
Title: INDIRECT COST RATE
Accounting Policies: This schedule is prepared on the same basis of accounting as Valley Transit’s financial statements. Valley Transit uses the accrual basis of accounting for federal grants.
De Minimis Rate Used: N
Rate Explanation: Valley Transit has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and did not charge indirect costs to the grants.
Valley Transit has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: PROGRAM COSTS
Accounting Policies: This schedule is prepared on the same basis of accounting as Valley Transit’s financial statements. Valley Transit uses the accrual basis of accounting for federal grants.
De Minimis Rate Used: N
Rate Explanation: Valley Transit has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and did not charge indirect costs to the grants.
The amounts shown as current-year expenses represent only the federal grant portion of the program costs. Entire program costs, including Valley Transit’s portion, may be more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or 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. During 2023, Valley Transit had expenditures of Federal Financial Assistance totaling $2,672,699. This includes funding from the American Rescue Plan (ARP) in the amount of $2,644,537 and the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSSA) in the amount of $28,162. Of the expenditures reported $28,162 was expended in prior period 2021 and $2,644,537 was expended in prior period 2022 as allowed under the terms and conditions of the awards.