Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the Virginia Passenger Rail Authority (the Authority) under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the 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). Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority. Federal Financial Assistance – The Single Audit Act Amendments of 1996 (Public Law 104-156) and Uniform Guidance define federal financial assistance as grants, loans, loan guarantees, property (including donated surplus property), cooperative agreements, interest subsidies, insurance, food commodities, direct appropriations or other assistance. Direct Payments – Assistance received directly from the Federal government is classified as direct payments on the Schedule. Pass-through Payments – Assistance received in a pass-through relationship from entities other than the Federal government is classified as pass through payments on the Schedule o Expenditures of Federal Awards. Major Programs – Major programs for the Authority and its component units were determined using a risk-based approach in accordance with Uniform Guidance.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement. For fiscal year 2025, VPRA recognized amounts in the Schedule associated with prior year expenditures. Expenditures should be recognized in the fiscal year spent for reporting purposes. In the current fiscal year, $4,172,814 of prior year expenditures associated with the High-Speed Rail Corridor and Intercity Passenger Rail Services – Capital Assistance Grants were included in the Schedule.
The Authority has elected to not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.