Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of the Ventura County Transportation Commission (Commission) under programs of the federal government for
the year ended June 30, 2024. The information 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 operations of the Commission, it is not intended to and does not present the financial position, changes in
net position or fund balance, or cash flows of the Commission.
Expenditures reported in the schedule are reported on the modified accrual basis of accounting, except for
subrecipient expenditures, which are recorded on a cash basis. When applicable, 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 Organization has not elected to use the 10% de minimis cost rate.