Notes to SEFA
Title: Subrecipients
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10 percent de minimus indirect cost rate as covered in 2 CFR ?200.414.
There were no subrecipients of the Authoritys programs during the year ended June 30, 2022.
Title: Program Costs/Matching Contributions
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10 percent de minimus indirect cost rate as covered in 2 CFR ?200.414.
The amounts shown as current year expenses represent only the federal grant portion of the program costs. Entire program costs, including the Authoritys portion, may be more than shown.
Title: Noncash Awards
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10 percent de minimus indirect cost rate as covered in 2 CFR ?200.414.
No noncash awards existed in the current year.
Title: Basis of Presentation
Accounting Policies: Expenses reported on the Schedule are reported on the accrual basis of accounting. Such expenses are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10 percent de minimus indirect cost rate as covered in 2 CFR ?200.414.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of El Dorado County Transit Authority under programs of the federal government for the year ended June 30, 2022. 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). Because the Schedule presents only a selected portion of the Authoritys operations, it is not intended to be and does not present the financial position, changes in net position, or cash flows of the Authority.