Notes to SEFA
Title: Relationship to Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Santa Clara Valley Transportation Authority (VTA) under programs of the federal government for the year ended June 30, 2023. The information is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of VTA, it is not intended to and does not present the financial position, net position, or cash flows of VTA.
The program titles and federal financial assistance listing numbers are obtained from the federal or pass-through grantor or the Catalog of Assistance Listing Numbers (ALN). When no ALN number is assigned to a program, the two-digit federal agency identifier and the federal contract number are used. When there is no federal contract number, the two-digit federal agency identifier and the word "unknown" is used.
Expenditures reported in the schedule are reported on the accrual basis of accounting basis if reported in the proprietary funds and on the modified accrual basis of accounting if reported in the governmental funds. When applicable, such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. No federal financial assistance has been provided to a subrecipient.
De Minimis Rate Used: N
Rate Explanation: VTA has not elected to use the 10% de minimis cost rate.
VTA's federal awards are reported as follows in the financial statements for the year ended June 30, 2023:
Federal grant revenues, as reported in financial statementsEnterprise funds $16,357,371$ Special revenue and capital projects funds4,711,427 Total federal grants revenue and expenditures of federal awards21,068,798 9 (See Notes in Report for table)