Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accural basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Potomac Valley Transit Authority has elected not to use the 10% de minimus indirect cost reate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Potomac Valley Transit Authority 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 represents only the selected portion of the operations of the Potomac Valley Transit Authority, it is not intended to and does not present the financial position and changes in net assets or cash flows of the Potomac Valley Transit Authority.
Title: Capital Expenditures/ Noncash Assistance Expended
Accounting Policies: Expenditures reported on the Schedule are reported on the accural basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Potomac Valley Transit Authority has elected not to use the 10% de minimus indirect cost reate allowed under the Uniform Guidance.
During certain fiscal years, the West Virginia Division of Public Transit may purchas capital expenditures as nonmonetary assistance for the Potomac Valley Transit Authority. The amount for the year ended June 30, 2024 nonmonetary federal assistance for the Potomac Valley Transit Authority thru the West Virginia Department of Transportation - Division of Public Transit amounted to $1,945,520 as of June 30, 2024.
Title: Assistance Listing (Catalog of Federal Domestic Assistance (CFDA)
Accounting Policies: Expenditures reported on the Schedule are reported on the accural basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Potomac Valley Transit Authority has elected not to use the 10% de minimus indirect cost reate allowed under the Uniform Guidance.
Assistance Listing (AL) has replaced the Catalog of Federal Domestic Assistance (CFDA) for identifying federal programs
Title: Pass-through to Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accural basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where in certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Potomac Valley Transit Authority has elected not to use the 10% de minimus indirect cost reate allowed under the Uniform Guidance.
There were no awards passed-through to subrecipients.