Notes to SEFA
Title: Note 1 – Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal and Nonfederal Awards (“schedule of awards”) 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. Louisville Wheels Transportation, Inc. has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Elected not to use.
The accompanying schedule of expenditures of federal and nonfederal awards includes the federal award activity of Louisville Wheels Transportation, Inc. 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 presents only a selected portion of the operations of Louisville Wheels Transportation, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of Louisville Wheels Transportation, Inc. Louisville Wheels Transportation, Inc. had no sub-recipients.
Title: Note 2 – Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal and Nonfederal Awards (“schedule of awards”) 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. Louisville Wheels Transportation, Inc. has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Elected not to use.
Expenditures reported on the Schedule of Expenditures of Federal and Nonfederal Awards (“schedule of awards”) 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. Louisville Wheels Transportation, Inc. has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3 – Additional Information
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal and Nonfederal Awards (“schedule of awards”) 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. Louisville Wheels Transportation, Inc. has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Elected not to use.
The Kentucky Transportation Cabinet requested that state grants be included in the schedule of awards and are therefore reflected in the nonfederal expenditures column.
Title: Note 4 – Title III-B Revenue
Accounting Policies: Expenditures reported on the Schedule of Expenditures of Federal and Nonfederal Awards (“schedule of awards”) 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. Louisville Wheels Transportation, Inc. has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Elected not to use.
The following reconciles the total Title III-B program expenditures to the total income received: Total program expenditures $ 98,078 Match (2,158) Total Title III-B revenue $ 95,920 Amount received from federal sources $ 87,443 Amount received from state sources 8,477 Total Title III-B revenue $ 95,920