Notes to SEFA
The Schedule of Expenditures of Federal Awards presents the actives of federal award program expended by Faribault-Martin County Transit Board's reporting entity is defined in Note 1 to the financial statements.
The accompanying Schedule of Federal Awards includes the federal grant activity of the Transit Board under programs of the federal government for the year ended December 31, 2024. The information in this schedule is presented in accordance with 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) from the Office of Management and Budget (OMB). Because the schedule presents only a selected portion of the operations of the Transit Board, it is not intended to and does not present the financial position, or change in net position of the Transit Board.