Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awardactivity of Central Indiana Regional Transportation Authority (the Authority) under programs of the federalgovernment for the year ended December 31, 2022. The information in this Schedule is presented inaccordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance). Because the Schedule presents only a selected portion of the operations of the Authority, it isnot intended to and does not present the receipts, disbursements, and cash and investment balances regulatory basis of the Authority.Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expendituresare recognized following cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement. When federal grants are received on areimbursement basis, the federal awards are considered expensed when the reimbursement is received.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.