Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: Omnitrans utilizes the accrual method of accounting to prepare its basic financial statements. The accompanying 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the presentation of the Omnitrans basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Omnitrans elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of all federal financial assistance programs of Omnitrans for the year ended June 30, 2024. Federal financial assistance received directly from federal agencies, as well as federal financial assistance passed through the California Department of Transportation, is included in the Schedule. The Schedule was prepared from only the accounts of various grant programs and, therefore, does not present the financial position or results of operations of Omnitrans.
Title: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Omnitrans utilizes the accrual method of accounting to prepare its basic financial statements. The accompanying 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the presentation of the Omnitrans basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Omnitrans elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Omnitrans utilizes the accrual method of accounting to prepare its basic financial statements. The accompanying 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the presentation of the Omnitrans basic financial statements.
Omnitrans elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 3 SUBRECIPIENTS
Accounting Policies: Omnitrans utilizes the accrual method of accounting to prepare its basic financial statements. The accompanying 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the presentation of the Omnitrans basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Omnitrans elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Omnitrans provided $54,995,055 in federal awards to a subrecipient for the year ended June 30, 2024.
Title: NOTE 4 RELATIONSHIP OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO THE FINANCIAL STATEMENTS
Accounting Policies: Omnitrans utilizes the accrual method of accounting to prepare its basic financial statements. The accompanying 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). Therefore, some amounts presented in the Schedule may differ from amounts presented in or used in the presentation of the Omnitrans basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Omnitrans elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Consistent with management’s policy, revenues from both federal and non-federal governmental awards are collectively reported as government grants and contracts revenue in Omnitrans’ financial statements. As a result, the amount of total federal awards expended on the Schedule does not agree to total government grants and contracts revenue on the Statement of Activities as presented in Omnitrans’ financial statements as of and for the year ended June 30, 2024.
Total federal expenditures reported include those funded by proceeds from the sale of land acquired with federal funding. These proceeds were used for the West Valley Connector Corridor Project.