Notes to SEFA
The accompanying supplemental Schedule of Expenditures of Federal and State Awards (the Schedule) includes the Federal and State grant activity of Jackson Transit Authority (JTA) under programs of the Federal and State governments for the year ended June 30, 2025. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of JTA, it is not intended to and does not present the financial position, changes in net position or cash flows of JTA.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance) wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts 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. JTA has elected not to use the 10 percent de Minimis indirect cost rate allowed under the Uniform Guidance.
There were no payments to subrecipients during the fiscal year ended June 30, 2025.
Adjustments to the Schedule reflect adjustments to prior fiscal year ending accrued revenues that will not be received, adjustments to record accruals not recorded in prior years, or reclassifications of accrual amounts to the proper grants.