Notes to SEFA
The Schedule of Expenditure of Federal Awards is prepared on the same basis of accounting as the transit’s financial statements. Intercity Transit uses the accrual basis of accounting.
Intercity Transit has not elected to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenses represent only the federal portion of the program costs. Entire program costs, including Intercity Transit’s portion, are more than shown. Such expenditures are recognized following the cost principles contained in Title 2 U.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.