Sharing the Costs of Human Services Transportation (2011) / Chapter Skim
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Appendix A - The Regulatory Environment for Federally Funded Transportation Services
Appendix A - The Regulatory Environment for Federally Funded Transportation Services
Pages 59-64
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From page 59... ...
This guidance is set forth in various circulars. In addition, agencies or organizations providing the services using the federal funding sources identified in TCRP Report 144: Sharing the Costs of Human Services Transportation must follow some overall accounting standards and principles.
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From page 60... ...
• For-profit organizations follow these guidelines: – FAR Subchapter E, General Contracting Requirements and – OMB Circular A-76, Performance of Commercial Activities. Rules for Public Entities OMB Circular A-87: Cost Principles for State, Local, and Indian Tribal Governments This circular applies to costs being charged to each specific source of federal funding rather than to the expenses of the overall agency receiving the funding.
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From page 61... ...
OMB Circular A-133: Audit of States, Local Governments, and Nonprofit Organizations This circular applies to both public entities and private, nonprofit organizations who receive federal grant money. "It sets forth standards for obtaining consistency and uniformity among federal agencies" for auditing grant recipients.
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From page 62... ...
Rules for Profit-Making Organizations Although funding for human services transportation usually originates from public sources, such as federal and state programs, the actual providers of transportation services are more commonly becoming profit-making enterprises. There also is a regulatory environment in which these companies must operate.
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From page 63... ...
Standards for presentation of financial information are established by FASB and GASB. Accounting standards relevant to the funding scenario for transportation providers are found in GASB statements at http://www.gasb.org for governmental entities and in Statements of Financial Accounting Board Standards (SFAS)
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From page 64... ...
GASB Statement No. 34, issued in June 1999, established new financial reporting requirements for state and local governments.
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