Notes to SEFA
Title: Note 3 - Program Costs
Accounting Policies: The Schedule is prepared on the same basis of accounting as Pierce Transit's financial statements. Pierce Transit uses the accrual method of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including Pierce Transit's portion, may be more than shown. Such expenditures are recognized following, as applicable, 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 to reimbursement.