Audit 329904

Title: NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: Basis of Presentation The Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of Montrose County Senior Citizens Transportation, Inc. and is presented on the accrual basis of accounting. The information on the SEFA is presented in accordance with the requirements of Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements. Expenditures represent only the federally funded portions of the program. Organization records should be consulted to determine amounts expended or matched from non-federal sources. The Organization has elected to not use the 10% de minimus indirect cost rate, as allowed under the Uniform Guidance. Program Costs The amounts shown as current expenses represent only the federal grant portion of the program costs. Entire program costs, including the Organization’s local matching share, may be more than shown. De Minimis Rate Used: N Rate Explanation: The Organization has elected to not use the 10% de minimus indirect cost rate, as allowed under the Uniform Guidance. Basis of Presentation The Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of Montrose County Senior Citizens Transportation, Inc. and is presented on the accrual basis of accounting. The information on the SEFA is presented in accordance with the requirements of Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in or used in the preparation of the general-purpose financial statements. Expenditures represent only the federally funded portions of the program. Organization records should be consulted to determine amounts expended or matched from non-federal sources. The Organization has elected to not use the 10% de minimus indirect cost rate, as allowed under the Uniform Guidance. Program Costs The amounts shown as current expenses represent only the federal grant portion of the program costs. Entire program costs, including the Organization’s local matching share, may be more than shown.