Notes to SEFA
Accounting Policies: Note 1. Summary of Significant Accounting PoliciesReporting entity: The schedule of expenditures of federal awards (the Schedule) includes the activity ofall federal programs administered by Capital Metropolitan Transportation Authority (the Authority).Because this Schedule presents only a selected portion of the operations of the Authority, it is notintended to, and does not, present the financial position, changes in net position or cash flows of theAuthority.Basis of presentation: The Schedule presents total federal awards expended for each individualprogram and assistance listing number in accordance with the requirements of Title 2 U.S. Code ofFederal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance).Basis of accounting: The expenditures for each of the federal financial assistance programs arepresented on the accrual basis of accounting for the Authoritys fiscal year. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.Loan and loan guarantees: The Authority has no loans or loan guarantees.Note 2. Indirect CostsIn accordance with the Uniform Guidance, the Authority did not apply or use the 10% de minimis indirectcost rate, as defined by the Uniform Guidance for the year ended September 30, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.