Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Victor Valley Transit Authority (VVTA) under programs of the federal government for the year ended June 30, 2025. The information 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). Federal assistance received directly from federal agencies, as well as federal assistance passed through the California Department of Transportation, is included in the Schedule. Because the schedule presents only a selected portion of the operation of VVTA, it is not intended to, and does not, present the financial position, changes in net position, or cash flows of VVTA.
Expenditures on the Schedule are reported on the accrual basis of accounting. 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. VVTA has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
VVTA provided no federal awards to subrecipients for the year ended June 30, 2025.
Consistent with management’s policy, revenues from both federal and non-federal governmental awards are collectively reported under operating assistance and capital contributions in VVTA’s financial statements. As a result, the amount of total federal awards expended on the Schedule does not agree to total operating assistance and capital contributions on the Statement of Revenues, Expenses, and Changes in Net Position as presented in VVTA’s financial statements as of and for the year ended June 30, 2025.