Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the accompanying Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Uniform Guidance wherein certain types of expenditures are not allowable or limited as to
reimbursement. Negative amounts shown on the schedule represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in prior years.
Grantor and pass-through grantor identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes
the federal award activity of McLennan County Rural Transit District (the “District”) under
programs of the federal government for the year ended September 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 presents only a selected portion of the operations of the District, it is not
intended to and does not present the financial position, changes in net position, or cash
flows of the District.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the accompanying Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Uniform Guidance wherein certain types of expenditures are not allowable or limited as to
reimbursement. Negative amounts shown on the schedule represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in prior years.
Grantor and pass-through grantor identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
Expenditures reported in the accompanying Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Uniform Guidance wherein certain types of expenditures are not allowable or limited as to
reimbursement. Negative amounts shown on the schedule represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in prior years.
Grantor and pass-through grantor identifying numbers are presented where available.
Title: Reconciliation to Financial Statements
Accounting Policies: Expenditures reported in the accompanying Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Uniform Guidance wherein certain types of expenditures are not allowable or limited as to
reimbursement. Negative amounts shown on the schedule represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in prior years.
Grantor and pass-through grantor identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
Following is a reconciliation of the schedule of expenditures of federal awards to the
statement of revenues, expenses and changes in net position for the year ended
September 30, 2024 (See the Notes to the SEFA for chart/table to view the reconciliation of the SEFA to the statement of revenues, expenses, and changes in net position)
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported in the accompanying Schedule are reported on the accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
Uniform Guidance wherein certain types of expenditures are not allowable or limited as to
reimbursement. Negative amounts shown on the schedule represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in prior years.
Grantor and pass-through grantor identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.
The District has elected not to use the 10% de minimis indirect cost rate allowed under the
Uniform Guidance.