Notes to SEFA
Title: NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the
accrual basis of accounting, which is described in Note 1 to NICTD’s financial statements. Such
expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NICTD
has not elected to use the 10-percent de-minimis indirect cost rate as allowed under the Uniform Guidance.
NICTD’s indirect cost rate for 2024 was 161%.
General: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal
award programs of NICTD. NICTD’s reporting entity is defined in Note 1 to NICTD’s financial statements.
Basis of Presentation: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule")
includes the federal award activity of NICTD under programs of the federal government for the year ended
December 31, 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 NICTD, it is not intended to and does not present the statements of
net position, statements of revenues, expenses and changes in net position, or statements of cash flows of
NICTD.
Basis of Accounting and Cost Principles: Expenditures reported on the Schedule are reported on the
accrual basis of accounting, which is described in Note 1 to NICTD’s financial statements. Such
expenditures are recognized following cost principles contained in Title 2 U.S. Code of Federal Regulations
Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal
Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement. NICTD
has not elected to use the 10-percent de-minimis indirect cost rate as allowed under the Uniform Guidance.
NICTD’s indirect cost rate for 2024 was 161%.
Subrecipients: Of the Federal expenditures presented in the schedule, NICTD did not provide any Federal
awards to subrecipients.
Non-Cash and Federal Insurance: NICTD did not receive non-cash assistance or have Federal insurance
in effect during the year.