Notes to SEFA
The accompanying schedule of expenditures of federal and state awards (the “Schedule”) includes the federal grant expenditures of Reagan Mass Transit District and is presented on the accrual basis of accounting for the year ended June 30, 2025. The information in this schedule is presented in accordance with requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). The District elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures of federal awards are recognized in the accounting period when the liabilities are incurred and when goods or services are received. The value of non-cash assistance is valued at fair market value at the time of receipt, or the assessed value provided by the federal agency.
Reagan Mass Transit District did not dispense noncash assistance in the form of food commodities and WIC food instruments during the year ended June 30, 2025.
The District did not receive or administer any insurance, loans or loan guarantees during the fiscal year ended June 30, 2025.