Title: Note 3: LOANS
Accounting Policies: Note 1: GENERAL
The accompanying Schedule of Expenditures of Federal Awards presents the activity of the federal awards of the Capital Area Transit System (System) and is presented on the accrual basis of accounting. The System’s reporting entity is defined in Note 1 to the System’s financial statements for the year ended December 31, 2024. All federal awards received from federal agencies are
included on the schedule.
Note 2: BASIS OF ACCOUNTING
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the System’s financial statements for the year ended December 31, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements. The System did not elect to use the 15 percent (15%)
de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The system did not elect ro use the 15 percent (15%) de minimis indirect cost rate.
The System did not expend federal awards related to loans or loan guarantees during the year.
Title: Note 4: FEDERALLY FUNDED INSURANCE
Accounting Policies: Note 1: GENERAL
The accompanying Schedule of Expenditures of Federal Awards presents the activity of the federal awards of the Capital Area Transit System (System) and is presented on the accrual basis of accounting. The System’s reporting entity is defined in Note 1 to the System’s financial statements for the year ended December 31, 2024. All federal awards received from federal agencies are
included on the schedule.
Note 2: BASIS OF ACCOUNTING
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the System’s financial statements for the year ended December 31, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements. The System did not elect to use the 15 percent (15%)
de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The system did not elect ro use the 15 percent (15%) de minimis indirect cost rate.
The System has no federally funded insurance.
Title: Note 5: NONCASH ASSISTANCE
Accounting Policies: Note 1: GENERAL
The accompanying Schedule of Expenditures of Federal Awards presents the activity of the federal awards of the Capital Area Transit System (System) and is presented on the accrual basis of accounting. The System’s reporting entity is defined in Note 1 to the System’s financial statements for the year ended December 31, 2024. All federal awards received from federal agencies are
included on the schedule.
Note 2: BASIS OF ACCOUNTING
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the System’s financial statements for the year ended December 31, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements. The System did not elect to use the 15 percent (15%)
de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The system did not elect ro use the 15 percent (15%) de minimis indirect cost rate.
The System did not receive any federal noncash assistance for the year ended December 31, 2024.
Title: Note 6: RECONCILIATION TO THE BASIC FINANCIAL STATEMENTS
Accounting Policies: Note 1: GENERAL
The accompanying Schedule of Expenditures of Federal Awards presents the activity of the federal awards of the Capital Area Transit System (System) and is presented on the accrual basis of accounting. The System’s reporting entity is defined in Note 1 to the System’s financial statements for the year ended December 31, 2024. All federal awards received from federal agencies are
included on the schedule.
Note 2: BASIS OF ACCOUNTING
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the System’s financial statements for the year ended December 31, 2023. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some
amounts presented in this schedule may differ from amounts presented in, or used in the
preparation of, the basic financial statements. The System did not elect to use the 15 percent (15%)
de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The system did not elect ro use the 15 percent (15%) de minimis indirect cost rate.
The following is a reconciliation of the Schedule of Expenditures of Federal Awards (SEFA) to the
basic financial statements:
Federal operating subsidy $ 9,758,013
Planning and technical study grants $ 437,444
Capital contributions $ 2,296,723
Total expenditures of federal awards $ 12,492,180