Notes to SEFA
Accounting Policies: NOTE 1. BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the "Schedule") includesthe federal award activity of TRANSCOM Inc. (the "Organization") under programs ofthe federal government for the year ended December 31, 2022. The information in theSchedule is presented in accordance with the requirements of Title 2 U.S. Code of FederalRegulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (the "Uniform Guidance"). Because the Schedule presentsonly a selected portion of the operations of the Organization, it is not intended to, anddoes not, present the financial position, changes in net assets, or cash flows of theOrganization.NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the accrual basis of accounting.Such expenditures are recognized following the cost principles contained in theUniform Guidance, wherein certain types of expenditures are not allowable or arelimited as to reimbursement.NOTE 3. PASS-THROUGH ENTITYThe DVRPC contract is between the Organization and Delaware Valley RegionalPlanning Commission (the "Commission"). The U.S. Department of Transportationpasses monies through the New Jersey Department of Transportation and thePennsylvania Department of Transportation to the Commission which then passesthese funds to the Organization.NOTE 4. SUBRECIPIENTSThe Organization did not pass through any federal awards to subrecipients during theyear ended December 31, 2022.NOTE 5. INDIRECT COST RATEThe Organization has elected not to use the 10% de minimis indirect cost rate allowedunder the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.