Notes to SEFA
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the FY 2022 Local Public Transit Revenue and Expense Manual, as issued by the State of Michigan Department of Transportations Office of Passenger Transportation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No federal awards were passed through by the Authority to any subrecipients during the year ended September 30, 2022.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the FY 2022 Local Public Transit Revenue and Expense Manual, as issued by the State of Michigan Department of Transportations Office of Passenger Transportation.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of Marquette County Transit Authority (Authority) under programs of the federal government for the year ended September 30, 2022. The information in the 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 Authority, it is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Authority.