Notes to SEFA
The Schedule of Expenditure of Federal Awards (the Schedule) includes expenditures of federal awards for the Marin County Transit District (District), California, and its component units as disclosed in the notes to the Basic Financial Statements.
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements, regardless of the measurement focus applied. The proprietary fund financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Expenditures of Federal Awards reported on the Schedule are recognized when incurred.
The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.