Notes to SEFA
Title: Note 3 - Program Clusters
Accounting Policies: Note 1 - Significant Accounting PoliciesThe County of Lebanon Transit Authority (the Authority) maintains its accounting records in accordance with accounting principles generally accepted in the United States of America. The financial information contained in the schedule of expenditures of federal awards has been prepared on the basis of accounting practices prescribed under the terms of Federal Operating Assistance and Capital Grants with the Federal Transit Administration. The practices differ from accounting principles generally accepted in the United States of America as follows:1.Depreciation is not allowed as a project cost.2.Certain expenditures that would not normally be included in the determination of net income are either allowable or unallowable for project purposes.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following program cluster, as defined by the Uniform Guidance, was treated as a single program for determining major programs:CFDA NumberExpendituresFederal Transit Formula Grants Cluster20.507$2,551,034