Notes to SEFA
Title: NOTE 3 - PROGRAM COSTS
Accounting Policies: The Schedule of Expenditure of Federal Awards is prepared on the same basis of accounting as the transit's financial statements. Intercity Transit uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Intercity Transit has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenses represent only the federal portion of the program costs. Entire program costs, including Intercity Transits portion, are more than shown. Such expenditures are recognized following the cost 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.