Title: Note 1: Basis of Presentation
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Rides Mass Transit District and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes federal grant activity of Rides Mass Transit District and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.
Federal programs in titles are reported as presented in the Federal Assistance Catalog, whenever possible. Rides Mass Transit District elected to not use the 10% de minimis cost rate as covered in § 200.414 indirect (F&A) costs because all of the District’s costs are direct costs.
Title: Note 2: Sub-Recipients
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Rides Mass Transit District and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the schedule, Rides Mass Transit District provided federal awards to the Illinois Public Transportation Association Assistance Program, TS-22-342, a sub-recipient, in the amount of $93,750. The $93,750 is presented as accounts receivable and accounts payable on the Statement of Net Position as of June 30, 2024.
Title: Note 3: Non-Cash Assistance
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Rides Mass Transit District and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Rides Mass Transit District did not receive any federal non-cash assistance during the year ended June 30, 2024.
Title: Note 4: Loans Outstanding
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Rides Mass Transit District and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Rides Mass Transit District had no federal loans outstanding as of June 30, 2024.
Title: Note 5: Insurance Coverage
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Rides Mass Transit District and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Significant losses are covered by commercial insurance for all major programs: property, liability, and workers compensation. During the year ended June 30, 2024, there were no significant reductions in coverage. Also, there have been no settlement amounts, which have exceeded insurance coverage in the past three years.
Title: Note 6: Non-monetary Assistance
Accounting Policies: The schedule of expenditures of federal awards includes federal grant activity of Rides Mass Transit District and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Non-monetary assistance is reported in the schedule at the fair market value as confirmed by the granting agencies.