Notes to SEFA
Accounting Policies: GENERAL: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of all federal award programs of Greenville Transit Authority (the “Authority”) for the year ended June 30, 2024. All federal awards received directly from the federal agencies, as well as those passed through other government agencies, are included on the Schedule. BASIS OF ACCOUNTING: The accompanying Schedule is presented using the economic resources measurement focus and accrual basis of accounting, which is described in the notes to the Authority’s financial statements. RELATIONSHIP TO FINANCIAL STATEMENTS: Federal award expenditures are reported in the Authority’s financial statements as operating expenses and capital asset additions in the Enterprise Fund. RELATIONSHIP TO FEDERAL FINANCIAL REPORTS: Amounts reported in the accompanying Schedule agree with the amounts reported in the related federal financial reports except for timing differences relating to expenditures made subsequent to the filing of the federal financial reports.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.