Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of the Transit System, Inc. (the System) under programs of the federal government for the year ended August 31, 2025. 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 Awaards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the System, it is not intended to and does not present the financial position, changes in net assets or cash flows of the System.
Expenditures reported 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. Of the federal expenditures presented in the Schedule, the System provided no federal awards to subrecipients. The System did not receive any non-cash assisstance from federal awards for the year ended August 31, 2025.
At August 31, 2025, the System had no loans or loan guarantees outstanding with federal awarding agencies.