Notes to SEFA
Title: Reporting Entity
Accounting Policies: Basis of Accounting-The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to METRO's basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs-METRO did not use the 10% de minimis cost rate
The Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Metropolitan Transit Authority of Harris County, Texas (METRO).
Title: Relationship to the Basic Financial Statements
Accounting Policies: Basis of Accounting-The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to METRO's basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs-METRO did not use the 10% de minimis cost rate
Financial assistance revenue is reported in METROs basic financial statements as capital grant proceeds of $ 23.5 million and nonoperating grant proceeds of $4.6 million for a total federal financial assistance of approximately $28.1 million.
Title: Loans and Loan Guarantees
Accounting Policies: Basis of Accounting-The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to METRO's basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs-METRO did not use the 10% de minimis cost rate
METRO did not have any loans payable to, or guaranteed by, the U.S. Government or an agency thereof as of fiscal year-end.