Notes to SEFA
Accounting Policies: (1)FEDERAL EXPENDITURESThe Schedule of Expenditures of Federal Awards reflects federal expenditures for all individual grants which were active during the fiscal year.(2)BASIS OF ACCOUNTINGThe accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. Expenditures are recorded when incurred. The amounts reported in this schedule as expenditures may differ from certain financial reports submitted on a cash basis of accounting. (3)INDIRECT COSTSMontgomery County Transportation Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. No indirect costs were charged to the Authoritys Federal awards for the year ended December 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.