Notes to SEFA
This Schedule is prepared on the same basis of accounting as the financial statements for the Snohomish County Public Transportation Benefit Area (PTBA). The PTBA uses the accrual basis of accounting.
The PTBA has not elected to use the de minimis indirect cost rate (10-percent prior to October 1, 2024, and 15-percent on and after October 1, 2024) allowed for Modified Total Direct Costs (MTDC) under the Uniform Guidance. Expended amounts for operations and capital are direct costs and do not include indirect costs.
Program Income generated by grant supported activity in 2024 was retained and used for allowable capital or operating expenses as permitted by FTA's Grant Management Guidelines in Circular 5010.1E Chapter 7. Community Transit only generates Farebox or Advertising (on buses) revenue. In 2024, only Farbox Revenue was generated; there was no Advertising Revenue because there was no federal grants with activie buses to attribute the revenue. - Farebox Revenue was generated for operating projects and is alwasy subtracted from the gross project cost to arrive at net eligible grant expenses. During 2024, Farebox revenues of $231,142 were generated under the following grant: *WA-2024-069 ($231,142; ALN 20.507) - Advertising Revenue was not generated in 2024 because there were no federal grants with active buses to attribute the revenue. Only Swift BRT buses were purchased in 2024, in which there is no advertising. Total Program income generated in 2024 was $231,142.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the PTBA's portion, are more than shown. Such expenditures are recognized in the 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.