Notes to SEFA
Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared 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).
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimus indirect cost rate as allowed under Uniform
Guidance.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial
assistance programs received by the Transit Authority of Lexington-Fayette Urban County Government (the
Authority). The Authority’s reporting entity is defined in Note 1 to the audited financial statements. There
were no subrecipient expenditures, noncash assistance or loan payments during 2024.
Title: NOTE 2 – BASIS OF ACCOUNTING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared 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).
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimus indirect cost rate as allowed under Uniform
Guidance.
The accompanying Schedule of Expenditures of Federal Awards has been prepared 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).
The Authority has elected not to use the 10% de minimus indirect cost rate as allowed under Uniform
Guidance.
Some amounts presented in this schedule may differ from amounts presented in or used in preparation of
the financial statements. 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.