Notes to SEFA
This schedule is prepared on the same basis of accounting as the Skagit Transprotation Benefit District's financial statements. The district uses the accrual basis of accounting.
The Skagit Transportation Benefit District has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. All amounts expended for both capital and operating projects are direct costs only.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the districts portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or 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.