Notes to SEFA
Title: SIGNIFICANT ACCOUNTING POLICIES USED IN PREPARING THE SEFA
Accounting Policies: See note content
De Minimis Rate Used: N
Rate Explanation: Actual costs were used
Humboldt Transit uses the accrual basis of accounting. The SEFA report includes the Federal Grants received and passed through from CA Dept fo Transportation and expended. The grants were for operating assistance for rural area transit needs. We obtained copies of the remittance advices from the State of California, copies of the grant documents, we selected multiple invoices to test. We used the 2023 Compliance Supplement to follow for Formula Grants for Rural Areas.