Audit 350558

Accounting Policies: Note 1 - Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Fulton County Transit Authority under programs of federal governments for the year ended June 30, 2024. The information in the 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 Fulton County Transit Authority, it is not intended to and does not present the financial position and changes in net position of Fulton County Transit Authority. Note 2 - Summary of Significant Accounting Principles: 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 available or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of buisness to amounts reported as expenditures in prior years. Note 3 - Indirect Cost Rate: Fulton County Transit Authority has not elected to use the 10-percent de minimis cost rate allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: Note 1 - Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Fulton County Transit Authority under programs of federal governments for the year ended June 30, 2024. The information in the 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 Fulton County Transit Authority, it is not intended to and does not present the financial position and changes in net position of Fulton County Transit Authority. Note 2 - Summary of Significant Accounting Principles: 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 available or are limited as to reimbursement. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of buisness to amounts reported as expenditures in prior years. Note 3 - Indirect Cost Rate: Fulton County Transit Authority has not elected to use the 10-percent de minimis cost rate allowed under the Uniform Guidance.