Notes to SEFA
Title: Note 3 - Program Costs
Accounting Policies: Note 1: Basis of Accounting- This Schedule is prepared on the same basis of accounting as Pierce Transit’s financial statements. Pierce Transit uses the accrual method of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 2: Indirect Cost Rate - Pierce Transit has not 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 grant portion of the program costs. Entire program costs, including Pierce Transit’s portion, may be 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.
Title: Note 4 - Prior Year Expenditures
Accounting Policies: Note 1: Basis of Accounting- This Schedule is prepared on the same basis of accounting as Pierce Transit’s financial statements. Pierce Transit uses the accrual method of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 2: Indirect Cost Rate - Pierce Transit has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Washington State Department of the Military, Emergency Management Division approved and paid for the project submitted for 2020 expenditures in 2023. As a result, the expenditures for 2020 are included on 2023 Schedule of Expenditures of Federal Award. Revenue was recognized in the amount of $1,045,211.59 in 2020. An additional $11,829.46 was recognized in 2023. The retainage of $117,449.01 was received in 2024. The total of funds received from FEMA was $1,174,490.06.