Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: The Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all Federal award programs of the Santa Barbara Metropolitan Transit District (the District). All Federal awards received directly from the Federal agecies as well as Federal awasrds passed through from other government agencies are included on the Schedule. Expenditures on the Schedule are reported on the accrual basis of accounting. 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 District has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (SEFA) includes the federal award activity of Santa Barbara Metropolitan Transit District (the District) under programs of the federal government for the year ended June 30, 2024. For purposes of this schedule, financial awards include federal awards received directly from a federal agency, as well as federal funds received indirectly by the District from a non-federal agency or other organization. Only the portions of program expenditures reimbursable with federal funds are reported in the accompanying schedule. Program expenditures in excess of the maximum reimbursement authorized, if any, or the portion of the program expenditures that were funded with other state, local or other non-federal funds are excluded from the accompanying schedule.
The information in this Schedule 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 SEFA presents only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
Title: NOTE 2 BASIS OF ACCOUNTING
Accounting Policies: The Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all Federal award programs of the Santa Barbara Metropolitan Transit District (the District). All Federal awards received directly from the Federal agecies as well as Federal awasrds passed through from other government agencies are included on the Schedule. Expenditures on the Schedule are reported on the accrual basis of accounting. 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 District has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures on the Schedule are reported on the accrual basis of accounting. 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. Program expenditures in excess of the maximum reimbursement authorized or the program expenditures that were funded with nonfederal funds are excluded from the accompanying SEFA.
The District has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 3 SUBRECIPIENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all Federal award programs of the Santa Barbara Metropolitan Transit District (the District). All Federal awards received directly from the Federal agecies as well as Federal awasrds passed through from other government agencies are included on the Schedule. Expenditures on the Schedule are reported on the accrual basis of accounting. 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 District has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The District provided no federal awards to subrecipients for the year ended June 30, 2024.
Title: NOTE 4 RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: The Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all Federal award programs of the Santa Barbara Metropolitan Transit District (the District). All Federal awards received directly from the Federal agecies as well as Federal awasrds passed through from other government agencies are included on the Schedule. Expenditures on the Schedule are reported on the accrual basis of accounting. 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 District has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Grant expenditure reports for the year ended June 30, 2024, which have been submitted to grantor agencies, will, in some cases, differ from the amounts disclosed herein. The reports prepared for grantor agencies are typically prepared at a later date and often reflect refined estimates of the year-end accruals.
Title: NOTE 5 RELATIONSHIP OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO THE FINANCIAL STATEMENTS
Accounting Policies: The Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all Federal award programs of the Santa Barbara Metropolitan Transit District (the District). All Federal awards received directly from the Federal agecies as well as Federal awasrds passed through from other government agencies are included on the Schedule. Expenditures on the Schedule are reported on the accrual basis of accounting. 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 District has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
Amounts reported in the accompanying SEFA agree, in all material respects, to amounts reported within the District’s Statement of Revenues, Expenses and Changes in Net Position as presented in the District’s Audited Financial Statements as of and for the year ended June 30, 2024.