Notes to SEFA
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1of FCRTAs financial statements. Expenditures reported on the SEFA are reported on the modifiedaccrual basis of accounting. Such expenditures are recognized following the cost principles contained inthe Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as toreimbursement. Negative amounts shown in the Schedule represent adjustments of credits made in thenormal course of business to amounts reported as expenditures in prior years
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.