Audit 6298

Title: 1. Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Capital District Transportation Committee (the Committee), an entity as defined in Note 1 to the Committee’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting The Committee uses the accrual basis of accounting for each federal program, consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Committee’s financial reporting system. Indirect Costs The Committee has not elected to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The Committee has not elected to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all federal award programs administered by Capital District Transportation Committee (the Committee), an entity as defined in Note 1 to the Committee’s financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other governmental agencies, are included on the SEFA. Basis of Accounting The Committee uses the accrual basis of accounting for each federal program, consistent with the financial statements. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable programs and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program, which are periodically reconciled with the Committee’s financial reporting system. Indirect Costs The Committee has not elected to use the 10% de minimis indirect cost rate allowed by the Uniform Guidance.