Notes to SEFA
Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for
State, Local, and Indian Tribal Governments or the 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.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: SBCTA has elected not to use the 10-percent
de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of
SBCTA for the year ended June 30, 2023. The information in this schedule 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 SBCTA operations, it does not present the financial
position, changes in net position, or cash flows of SBCTA.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for
State, Local, and Indian Tribal Governments or the 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.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years. SBCTA has elected not to use the 10-percent
de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 2 - MATCHING COSTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following, as applicable, either the cost principles in OMB Circular A-87, Cost Principles for
State, Local, and Indian Tribal Governments or the 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.
Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of
business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: SBCTA has elected not to use the 10-percent
de minimis indirect cost rate as allowed under the Uniform Guidance.
The nonfederal share of program costs (matching costs) are not included in the accompanying Schedule
of Expenditure of Federal Awards.