Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity
of Southern California Regional Rail Authority (SCRRA) under programs of the federal government for the year
ended June 30, 2024. The information 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
SCRRA, it is not intended to and does not present the financial position, changes in net position, or cash flows of
SCRRA.
Expenditures reported in 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. Expenditures reported included any
property or equipment acquisitions incurred under the federal program. No federal financial assistance has been
provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: SCRRA has not elected to use the 10% de minimis cost rate.