Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal award activity of Meadowlands Transportation Brokerage Corporation under programs of the federal government for the year ended June 30, 2023. EZ Ride is defined in Note 1 to the general financial statements. Federal awards passed through other state and local government agencies are included on the schedule of expenditures of federal awards. The information in this 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 Meadowlands Transportation Brokerage Corporation, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Meadowlands Transportation Brokerage Corporation.
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting, as described in Note 1 to EZ Ride’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 to reimbursement.
Amounts reported in the accompanying schedule of expenditures of federal awards agree with the amounts reported in EZ Ride’s basic financial statements.
The Organization has a negotiated indirect cost rate.
The Organization did not pass any federal funds through to sub-recipients during the audit period.