Notes to SEFA
Title: Note 1 - Basis of Accounting
Accounting Policies: The schedule is prepared on the same basis of accounting as the Skagit Transportation Benefit District's financial statements. The district uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: All amounts expended for both capital and operating projects are direct costs only.
This schedule is prepared on the same basis of accounting as the Skagit Transprotation Benefit District's
financial statements. The district uses the accrual basis of accounting.
Title: Note 2 - Indirect Cost Rate
Accounting Policies: The schedule is prepared on the same basis of accounting as the Skagit Transportation Benefit District's financial statements. The district uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: All amounts expended for both capital and operating projects are direct costs only.
The Skagit Transportation Benefit District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
All amounts expended for both capital and operating projects are direct costs only.
Title: Note 7 - Program Costs
Accounting Policies: The schedule is prepared on the same basis of accounting as the Skagit Transportation Benefit District's financial statements. The district uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: All amounts expended for both capital and operating projects are direct costs only.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs.
Entire program costs, including the districts portion, are more than shown. Such expenditures are recognized