Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) presents the activity of all federal financial assistance programs of Gold Coast Transit District (the District) for the year ended June 30, 2025. For purposes of this Schedule, financial awards include federal awards received directly from a federal agency, as well as federal funds received indirectly by the District from a non-federal agency or other organization. Only the portions of program expenditures reimbursable with federal funds are reported in the accompanying Schedule. Program expenditures in excess of the maximum reimbursement authorized, if any, or the portion of the program expenditures that were funded with other state, local or other non-federal funds are excluded from the accompanying schedule. The information in the 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 District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the District.
The accompanying Schedule is presented using the accrual basis of accounting, which is described in Note 1 of the District’s basic financial statements. 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.
The District elected not to use the 10% de minimis rate allowed under Uniform Guidance.
The amounts reported in the accompanying Schedule agree, in all material respects, to the amounts reported within the District's basic financial statements.