Notes to SEFA
Title: NOTE 3 - PROGRAM COSTS
Accounting Policies: NOTE 1 - BASIS OF ACCOUNTING This schedule is prepared on the same basis of accounting as the Transit's financial statements. The Transit uses the full-accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: NOTE 2 - FEDERAL DE MINIMIS INDIRECT COST RATE The transit has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenses represent only the federal grant portions of the program costs. Entire program costs, including the Transit's portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.