Notes to SEFA
Accounting Policies: NOTE 1 Basis of Accounting The accompanying Schedule of Expenditures of Federal Awards (the Schedule) presents the activity of all expenditures of federal awards of the Metropolitan Transportation Commission (MTC).The Schedule is presented using the modified accrual basis of accounting. MTCs financial statements are prepared on the accrual basis for proprietary and fiduciary activities and modified accrual basis for governmental activities, which are described in Note 1 of the notes to MTCs financial statements. 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 (the Uniform Guidance). Therefore, some amounts presented in the Schedule may differ from amounts presented in, or used in preparation of, the financial statements. Expenditures reported on the Schedule are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 Indirect Cost Rate MTC applies its predetermined approved indirect cost rate when charging indirect costs to federal awards rather than the 10% de minimis indirect cost rate described in Section 200.414 of the Uniform Guidance. MTCs indirect cost rate is approved by its cognizant agency.