Audit 5294

Title: NOTE 1. BASIS OF ACCOUNTING Accounting Policies: NOTE 1. BASIS OF ACCOUNTING This Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as Island County Public Transportation Benefit Area’s (DBA Island Transit) financial statements. The Island Transit uses the accrual basis of accounting De Minimis Rate Used: N Rate Explanation: NOTE 3. INDIRECT COST RATE Island Transit has elected not to use the 10-percent de Minimis indirect cost rate allowed under the Uniform Guidance. This Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as Island County Public Transportation Benefit Area’s (DBA Island Transit) financial statements. The Island Transit uses the accrual basis of accounting.

Title: NOTE 2. PROGRAM COSTS Accounting Policies: NOTE 1. BASIS OF ACCOUNTING This Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as Island County Public Transportation Benefit Area’s (DBA Island Transit) financial statements. The Island Transit uses the accrual basis of accounting De Minimis Rate Used: N Rate Explanation: NOTE 3. INDIRECT COST RATE Island Transit has elected not to use the 10-percent de Minimis indirect cost rate allowed under the Uniform Guidance. The program expenditures listed above represent the federal grant share, not the full program cost, which would include Island Transit’s share. Expenditures are recognized following, as applicable, the cost principles in OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, or Cost Principles and Audit Requirements for Federal Awards, wherein some expenditures are not allowable, or reimbursements are limited.

Title: NOTE 3. INDIRECT COST RATE Accounting Policies: NOTE 1. BASIS OF ACCOUNTING This Schedule of Expenditures of Federal Awards is prepared on the same basis of accounting as Island County Public Transportation Benefit Area’s (DBA Island Transit) financial statements. The Island Transit uses the accrual basis of accounting De Minimis Rate Used: N Rate Explanation: NOTE 3. INDIRECT COST RATE Island Transit has elected not to use the 10-percent de Minimis indirect cost rate allowed under the Uniform Guidance. Island Transit has elected not to use the 10-percent de Minimis indirect cost rate allowed under the Uniform Guidance.