Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Huron County Transit Fund and is presented on the modified accrual basis of accounting. 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”). Because the Schedule presents only a selected portion of the operations of Huron County Transit Fund, it is not intended to and does not present the financial position, changes in net position, or cash flows of Huron County Transit Fund.
Expenditures reported on the Schedule are reported on the modified 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. Negative amounts (if any) shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass through entity identifying numbers are presented where available. Huron County Transit Fund has elected to not use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
No federal awards were passed through by the Authority to any subrecipients during the year.
The $17,595 adjustment is due to Authority receiving more than anticipated on the 2021 5311 operating grant than what was originally booked at the beginning of the year. The $8,000 & $14 adjustments are due to the Authority receiving less than anticipated on the prior year capital grants that what was originally recorded at the beginning of the year.