Notes to SEFA
Title: NOTE A - BASIS FOR PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in Note 1 to the District’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District did not provide federal award funding to any subrecipients during the year ended December 31, 2024.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of High Valley Transit District (the District) under programs of the federal government for the year ended December 31, 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 Requirements for Federal Awards (the 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 financial position, or cash flows of the District.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in Note 1 to the District’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District did not provide federal award funding to any subrecipients during the year ended December 31, 2024.
Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in Note 1 to the District’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE C - SUBRECIPIENT OF FEDERAL AWARDS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting as described in Note 1 to the District’s basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District did not provide federal award funding to any subrecipients during the year ended December 31, 2024.
The District did not provide federal award funding to any subrecipients during the year ended December 31, 2024.