Title: 3.PASS-THROUGH PROGRAMS
Accounting Policies: 1.SIGNIFICANT ACCOUNTING POLICIESSummary of Significant Accounting Policies Expenditures reported on the schedule of expenditures of federal awards (the Schedule) are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.Basis of Presentation - The accompanying Schedule includes the federal award activity of the Metropolitan Transportation Authority (MTA), a component unit of the State of New York under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the MTA, it is not intended to and does not present the financial position, changes in net position, or cash flows of the MTA.Financial Reporting Entity The MTA was established in 1965, under Section 1263 of the New York Public Authorities Law, and is a public benefit corporation and a component unit of the State of New York (NYS) whose mission is to continue, develop and improve public transportation and to develop and implement a unified public transportation policy in the New York metropolitan area.These consolidated financial statements are of the Metropolitan Transportation Authority (MTA), including its related groups (collectively, the MTA Group), which are listed below. The Business-Type activities in these consolidated financial statements purport the operations of the MTA Group.Metropolitan Transportation Authority and Related Groups (Component Units)?Metropolitan Transportation Authority Headquarters (MTAHQ) provides support in budget, cash management, finance, legal, real estate, treasury, risk and insurance management, and other services to the related groups listed below.?The Long Island Rail Road Company (MTA Long Island Rail Road) provides passenger transportation between New York City (NYC) and Long Island.?Metro-North Commuter Railroad Company (MTA Metro-North Railroad) provides passenger transportation between NYC and the suburban communities in Westchester, Dutchess, Putnam, Orange, and Rockland counties in NYS and New Haven and Fairfield counties in Connecticut.?Staten Island Rapid Transit Operating Authority (MTA Staten Island Railway) provides passenger transportation on Staten Island.?First Mutual Transportation Assurance Company (FMTAC) provides primary insurance coverage for certain losses, some of which are reinsured, and assumes reinsurance coverage for certain other losses.?MTA Construction and Development (MTA Construction and Development) provides oversight for the planning, design and construction of current and future major MTA system-wide expansion projects.?MTA Bus Company (MTA Bus) operates certain bus routes in areas previously served by private bus operators pursuant to franchises granted by the City of New York.?MTA Grand Central Madison Concourse Operating Company (MTA GCMC) operates and maintains the infrastructure and structures supporting Long Island Rail Road access into Grand Central Terminal?MTAHQ, MTA Long Island Rail Road, MTA Metro-North Railroad, MTA Staten Island Railway, FMTAC, MTA Capital Construction, and MTA Bus, collectively are referred to herein as MTA. MTA Long Island Rail Road and MTA Metro-North Railroad are referred to collectively as the Commuter Railroads.?New York City Transit Authority (MTA New York City Transit) and its subsidiary, Manhattan and Bronx METROPOLITAN TRANSPORTATION AUTHORITY(A Component Unit of the State of New York)NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (CONTINUED)
De Minimis Rate Used: N
Rate Explanation: The MTA has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
When the MTA receives Federal funds from a government entity other than the Federal government (pass- through), the funds are accumulated based upon the Assistance Listing Number (ALN) number advised by the pass-through grantor.
Title: 4.RELATIONSHIP TO FEDERAL AND STATE FINANCIAL REPORTS
Accounting Policies: 1.SIGNIFICANT ACCOUNTING POLICIESSummary of Significant Accounting Policies Expenditures reported on the schedule of expenditures of federal awards (the Schedule) are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.Basis of Presentation - The accompanying Schedule includes the federal award activity of the Metropolitan Transportation Authority (MTA), a component unit of the State of New York under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the MTA, it is not intended to and does not present the financial position, changes in net position, or cash flows of the MTA.Financial Reporting Entity The MTA was established in 1965, under Section 1263 of the New York Public Authorities Law, and is a public benefit corporation and a component unit of the State of New York (NYS) whose mission is to continue, develop and improve public transportation and to develop and implement a unified public transportation policy in the New York metropolitan area.These consolidated financial statements are of the Metropolitan Transportation Authority (MTA), including its related groups (collectively, the MTA Group), which are listed below. The Business-Type activities in these consolidated financial statements purport the operations of the MTA Group.Metropolitan Transportation Authority and Related Groups (Component Units)?Metropolitan Transportation Authority Headquarters (MTAHQ) provides support in budget, cash management, finance, legal, real estate, treasury, risk and insurance management, and other services to the related groups listed below.?The Long Island Rail Road Company (MTA Long Island Rail Road) provides passenger transportation between New York City (NYC) and Long Island.?Metro-North Commuter Railroad Company (MTA Metro-North Railroad) provides passenger transportation between NYC and the suburban communities in Westchester, Dutchess, Putnam, Orange, and Rockland counties in NYS and New Haven and Fairfield counties in Connecticut.?Staten Island Rapid Transit Operating Authority (MTA Staten Island Railway) provides passenger transportation on Staten Island.?First Mutual Transportation Assurance Company (FMTAC) provides primary insurance coverage for certain losses, some of which are reinsured, and assumes reinsurance coverage for certain other losses.?MTA Construction and Development (MTA Construction and Development) provides oversight for the planning, design and construction of current and future major MTA system-wide expansion projects.?MTA Bus Company (MTA Bus) operates certain bus routes in areas previously served by private bus operators pursuant to franchises granted by the City of New York.?MTA Grand Central Madison Concourse Operating Company (MTA GCMC) operates and maintains the infrastructure and structures supporting Long Island Rail Road access into Grand Central Terminal?MTAHQ, MTA Long Island Rail Road, MTA Metro-North Railroad, MTA Staten Island Railway, FMTAC, MTA Capital Construction, and MTA Bus, collectively are referred to herein as MTA. MTA Long Island Rail Road and MTA Metro-North Railroad are referred to collectively as the Commuter Railroads.?New York City Transit Authority (MTA New York City Transit) and its subsidiary, Manhattan and Bronx METROPOLITAN TRANSPORTATION AUTHORITY(A Component Unit of the State of New York)NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (CONTINUED)
De Minimis Rate Used: N
Rate Explanation: The MTA has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The regulations and guidelines governing the preparation of Federal and State financial reports vary by state and Federal agency and among programs administered by the same agency. Accordingly, the amounts reported in the Federal and state financial reports do not necessarily agree with the amounts reported in the accompanying Schedule of Expenditures of Federal Awards, which is prepared as explained in Note 1 above