Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the North Central Regional Transit District (NCRTD) under programs of the federal government 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 represents only a selected portion of the operations of NCRTD, it is not intended to and does not present the financial position, changes in net
position, or cash flows of the District.
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.
De Minimis Rate Used: N
Rate Explanation: NCRTD did not use the 10% de minimis indirect cost rate