Audit 335228

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Capital Region Transportation Council (the Council), an entity as defined in Note 1 to the Council’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting The Council uses the accrual basis of accounting for each federal program, consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Council’s financial reporting system. Indirect Costs The Council has not elected to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Indirect Costs The Council has not elected to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Capital Region Transportation Council (the Council), an entity as defined in Note 1 to the Council’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting The Council uses the accrual basis of accounting for each federal program, consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Council’s financial reporting system. Indirect Costs The Council has not elected to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.