Notes to SEFA
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award
activity of Bucks County Transport, Inc. under programs of the federal government and Commonwealth of
Pennsylvania Departments of Community and Economic Development, Human Services and Transportation
for the year ended June 30, 2024. 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 Schedule
presents only a selected portion of the operations of Bucks County Transport, Inc., it is not intended to and
does not present the financial position, changes in net assets, or cashflows of Bucks County Transport, Inc. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported 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. Negative amounts shown on the Schedule
represent adjustments or credits made in the normal course of business to amounts reported as expenditures
in prior years. INDIRECT COST RATE
Bucks County Transport, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Bucks County Transport, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.