Notes to SEFA
Title: NONMONETARY ASSISTANCE
Accounting Policies: The accompanying schedules of expenditures of federal awards have been prepared in accordance with accounting principles generally accepted in the Unites States of America as promulgated by the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the Agencys federal awards program prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Agency neither received nor disbursed federal awards in the form of nonmonetary assistance during the fiscal year ended June 30, 2022.
Title: INSURANCE AND LOANS OR LOAN GUARANTEES
Accounting Policies: The accompanying schedules of expenditures of federal awards have been prepared in accordance with accounting principles generally accepted in the Unites States of America as promulgated by the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the Agencys federal awards program prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended June 30, 2022, the Agency received no insurance, loans, loan guarantees, or other federal assistance for the purposes of administering federal programs.
Title: OVERSIGHT AGENCY
Accounting Policies: The accompanying schedules of expenditures of federal awards have been prepared in accordance with accounting principles generally accepted in the Unites States of America as promulgated by the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the Agencys federal awards program prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The U.S. Department of Transportation has been designated as the Agencys oversight agency for the single audit.