Notes to SEFA
Accounting Policies: Note 1: Basis of presentationThe North Carolina Department of Transportation: State Maintenance Assistance for Urban and Small Urban Program, Elderly and Disabled Transportation Assistance Program,Note 4: Cluster of ProgramsThe following are clustered by:Note 2: Summary of Significant Accounting PoliciesExpenditures reported in the SEFSA are reported on the modified accrual 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.The accompanying schedule of expenditures of federal and State awards (SEFSA) includes the federal and State grant activity of Goldsboro/Wayne Transportation Authority under the programs of the federal government and the State of North Carolina for the year ended June 30, 2022. The information in this SEFSA is presented in accordance with the requirements of Title 2 U.S. Code of Federal RegulationsAwards (Uniform Guidance) and the State Single Audit Implementation Act. Because the SEFSA presentsonly a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.