Notes to SEFA
Title: Note C - Reconciliation to Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Transit Authority of the City of Paducah and is presented on the Accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirments for Federal Award (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statemetns.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal Awards are reported as non-operationg revenues in the Statement of Revenues, Expenses, and Changes in Net Position.