Notes to SEFA
Title: Note 5 : Noncash Awards
Accounting Policies: Basis of Accounting :This Schedule is prepared on the same basis of accounting as the Ben Franklin Transit's financial statements. Ben Franklin Transit uses the accrual method of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.Ben Franklin Transit has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amount of insurance proceeds reported on the Schedule is the value of insurance proceeds received by the Department of Transportation, Federal Transit Administration during currentyear and priced as prescribed by the Federal Transit Administration.
Title: Note 7 : Program Costs
Accounting Policies: Basis of Accounting :This Schedule is prepared on the same basis of accounting as the Ben Franklin Transit's financial statements. Ben Franklin Transit uses the accrual method of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.Ben Franklin 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 expenditures represent only the federal award portion of the program costs. Entire program costs, including Ben Franklin Transit's portion, are more thanshown. 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.