Audit 323661

Title: Basis of Presentation Accounting Policies: (1)    Expenditures reported on the Schedule are reported on the accrual basis of accounting, with the exception of depreciation expense, which is not allowed as a project cost. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The Indiana County Transit Authority has elected not to use the 10 percent de minimis indirect cost rate, as allowed under the Uniform Guidance. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Indiana County Transit Authority under programs of the federal government for the year ended June 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (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 the Indiana County Transit Authority, it is not intended to and does not present the financial position, changes in financial position, or cash flows of the Indiana County Transit Authority.