Notes to SEFA
Title: NOTE 2 - MATCHING COSTS
Accounting Policies: NOTE 1 - BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of SBCTA for the year ended June 30, 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 SBCTA operations, it does not present the financial position, changes in net position, or cash flows of SBCTA. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments or the principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, 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. SBCTA has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The nonfederal share of program costs (matching costs) are not included in the accompanying Schedule of Expenditure of Federal Awards.