2016/10/26 Council Agenda Packet

2 Proposed FTA C 5010.1E Page I-5 Single Audits,2 CFR§ 200.7.The term auditor does not include internal auditors of nonprofit organizations.Auditor may also mean, other non-financial audits as deemed necessary by FTA. (16) Award:Award means the Scope of Work that FTA has approved when FTA agreed to provide federal assistance. The Award also includes the requirements of all documents, terms, and conditions incorporated by reference and made part of the Grant or Cooperative Agreement. (17) Award Budget:Award Budget means the budget for all the Projects encompassed by the FTA award. Project Budget means the budget allocated for a Project contained within an Award that FTA or a pass-through entity approves during the federal award process or in subsequent amendments to the federal award.It may include the federal and non-federal share or only the federal share, as determined by FTA or pass-through entity. (18) Brownfields: The Environmental Protection Agency(EPA)defines"brownfields"as real property,the expansion,redevelopment, or reuse of which may be complicated by the presence or potential presence of a hazardous substance,pollutant, or contaminant. These properties have lower levels of contamination than Superfund sites,but they are still a health risk and economic detriment to the communities where they are located. (19) Budget Revision: Budget revision means any change of budget allocations within the Award and the overall Award Budget that has minor impact on the budget allocations of the original Grant or Cooperative Agreement. (20) Capital Assets: Capital assets mean facilities or equipment with a useful life of at least one year that are capitalized in accordance with Generally Accepted Accounting , Principles (GAAP). (21) Capital Expenditures: Capital expenditures means expenditures to acquire capital assets or expenditures to make additions, improvements,modifications,replacements, rearrangements,reinstallations,renovations, or alterations to capital assets that materially increase their value or useful life. (22) Capital Lease: Capital lease means any transaction in which the recipient acquires the right to use a capital asset without obtaining full ownership,regardless of the tax status of the transaction. (23) Capital Project: Capital project means a category of reimbursable projects that includes all activities identified in 49 U.S.C. § 5302(3). (24) Cash Basis of Accounting: The cash basis of accounting is the method in which revenue is recorded when received,rather than when earned, and expenses are recorded when paid,rather than when incurred. FTA does not permit recipients to prepare their Federal Financial Reports (FFR)using the cash method of accounting. 19