Notes to SEFA
This schedule is prepared on the same basis of accounting as Lewis County Transit’s financial statements. Lewis County Transit uses the Budgeting, Accounting, and Reporting System for Transit Districts in the State of Washington. Lewis County Transit uses full accrual basis of accounting where revenues are recognized when earned and expenses are recognized when incurred.
Lewis County Transit has elected 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 award portion of the program costs. The entire program costs, including the Lewis County Transit’s portion, are more than shown. Such expenditures are recognized following 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.