Notes to SEFA
Title: Note A - Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or ar limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: River Bend Transit has elected 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 River Bend Transit 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 represents only a selected portion of the operations of River Bend Transit, it is not intended to and does not present the financial position, changes in net assets or cash flows of River Bend Transit.
Title: Note B - Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or ar limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: River Bend Transit has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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.
Title: Note C - Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or ar limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: River Bend Transit has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
River Bend Transit has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note D - Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or ar limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: River Bend Transit has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
River Bend Transit did not provide federal awards to subrecipients during the year ended June 30, 2024.
Title: Note E - Insurance and Loan Guarantees
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or ar limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: River Bend Transit has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
River Bend Transit had no insurance in effect, relating to federal funds, for the year ending June 30, 2024. River Bend Transit had no loans or loan guarantees, relating to federal funds, outstanding at June 30, 2024.