Notes to SEFA
Title: Note 5: Noncash Assistance
Accounting Policies: Note 1: GENERALThe accompanying Schedule of Expenditures of Federal Awards presents the activity of the federal awards of the Regional Transit Authority (RTA) and is presented on the accrual basis of accounting. The RTAs reporting entity is defined in Note A to the RTAs financial statements for the year ended December 31, 2022. All federal awards received from federal agencies are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The RTA did not receive any federal noncash assistance for the year ended December 31, 2022.
Title: Note 2: Basis of Accounting
Accounting Policies: Note 1: GENERALThe accompanying Schedule of Expenditures of Federal Awards presents the activity of the federal awards of the Regional Transit Authority (RTA) and is presented on the accrual basis of accounting. The RTAs reporting entity is defined in Note A to the RTAs financial statements for the year ended December 31, 2022. All federal awards received from federal agencies are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note 2: BASIS OF ACCOUNTINGThe accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note A to the RTAs financial statements for the year ended December 31, 2022. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. RTA did not elect to use the 10 percent (10%) de minimis indirect cost rate.
Title: Note 3: Loans
Accounting Policies: Note 1: GENERALThe accompanying Schedule of Expenditures of Federal Awards presents the activity of the federal awards of the Regional Transit Authority (RTA) and is presented on the accrual basis of accounting. The RTAs reporting entity is defined in Note A to the RTAs financial statements for the year ended December 31, 2022. All federal awards received from federal agencies are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The RTA did not expend federal awards related to loans or loan guarantees during the year.
Title: Note 4: Federally Funded Insurance
Accounting Policies: Note 1: GENERALThe accompanying Schedule of Expenditures of Federal Awards presents the activity of the federal awards of the Regional Transit Authority (RTA) and is presented on the accrual basis of accounting. The RTAs reporting entity is defined in Note A to the RTAs financial statements for the year ended December 31, 2022. All federal awards received from federal agencies are included on the schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The RTA has no federally funded insurance.