Notes to SEFA
The amounts shown as current year expenses represent only the federal award portion of the program costs. Entire program costs, including Valley Transit’s portion, may be more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, or 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. During 2024, Valley Transit had expenditures of Federal Financial Assistance totaling $1,294,551.