BERKSHIRE REGIONAL TRANSIT AUTHORITY
(A Component Unit of the Massachusetts
Department of Transportation)
Financial Statements and
Supplementary Information
June 30, 2024 and 2023
Table of Contents
Page
Independent Auditors’ Report 2-4
Management’s Discussion and Analysis 5
Financial Statements
Statements of Net Position 6
Statements of Revenues, Expenses and Changes in Fund Net Position 7-8
Statements of Cash Flows 9
Notes to Financial Statements 10 - 24
Required Supplementary Information
Schedule of Change in Net Pension Liability and Related Ratios 25
Schedule of Pension Contributions 26
Supplementary Information
Computation of Operating Assistance
From the Federal Transit Administration 27
Statement of Net Cost of Service 28
Independent Auditors’ Report on Internal Control over Financial
Reporting and on Compliance and Other Matters Based on an
Audit of Financial Statements Performed in Accordance
with Government Auditing Standards 29 - 30
 INDEPENDENT AUDITORS' REPORT
To the Advisory Board
BERKSHIRE REGIONAL TRANSIT AUTHORITY
One Columbus Avenue, Suite 201
Pittsfield, MA 01201
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of the business-type activities of the Berkshire Regional Transit Authority, as
of and for the years ended June 30, 2024 and 2023, and the related notes to the financial statements, which collectively
comprise the Berkshire Regional Transit Authority’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements present fairly, in all material respects, the respective financial
position of the business-type activities of the Berkshire Regional Transit Authority, as of June 30, 2024 and 2023, and
the respective changes in financial position and, cash flows thereof for the years then ended in accordance with
accounting principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audit in accordance with auditing standards generally accepted in the United States of America
(GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Our responsibilities under those standards are further described in the
Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be
independent of the Berkshire Regional Transit Authority and to meet our other ethical responsibilities, in accordance
with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with
accounting principles generally accepted in the United States of America, and for the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free
from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the Berkshire Regional Transit Authority’s ability to
continue as a going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
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Auditors' Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion.
Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an
audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually
or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
 Exercise professional judgment and maintain professional skepticism throughout the audit.
 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
and design and perform audit procedures responsive to those risks. Such procedures include examining, on a
test basis, evidence regarding the amounts and disclosures in the financial statements.
 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Berkshire Regional Transit Authority’s internal control. Accordingly, no such opinion is expressed.
 Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the Berkshire Regional Transit Authority’s ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit, significant audit findings, and certain internal control related matters that we identified during
the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management's Discussion
and Analysis on page 5, and the Schedule of Proportionate Share of Net Pension Liability and Pension Contributions
on pages 25 and 26 be presented to supplement the basic financial statements. Such information is the responsibility of
management and, although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements
in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the
required supplementary information in accordance with GAAS, which consisted of inquiries of management about the
methods of preparing the information and comparing the information for consistency with management’s responses to
our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We do not express an opinion or provide any assurance on the information because the limited procedures
do not provide us with sufficient evidence to express an opinion or provide any assurance.
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Supplementary Information
Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively comprise
the Berkshire Regional Transit Authority’s basic financial statements. The accompanying supplementary information
on pages 27 and 28 are presented for purposes of additional analysis and are not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and relates directly to the
underlying accounting and other records used to prepare the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the basic financial statements or to the basic financial statements themselves, and other
additional procedures in accordance with GAAS. In our opinion, the supplementary information is fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated September 26, 2024 on our
consideration of the Berkshire Regional Transit Authority’s internal control over financial reporting and on our tests of
its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The
purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the Berkshire Regional Transit Authority’s internal control over
financial reporting and compliance.
ADELSON & COMPANY PC
September 26, 2024
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 BERKSHIRE REGIONAL TRANSIT AUTHORITY
(A Component Unit of the Massachusetts Department of Transportation)
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2024
The Berkshire Regional Transit Authority’s (the Authority) management discussion and analysis for the fiscal
year ended June 30, 2024 is designed to assist the reader in focusing on significant financial issues, provide an
overview of the Authority’s financial activity, identify changes in the Authority’s financial position and identify
any material deviations from the financial plan (the approved budget).
Reporting Entity
The Authority provides public transportation and operates under Massachusetts General Laws (MGL) Chapter
161B as a body politic and a corporate and political subdivision of the Commonwealth of Massachusetts. The
Authority is a component unit of the Massachusetts Department of Transportation. Massachusetts provides
funding to the Authority. See Note 1 to the financial statements for additional information on the reporting entity.
Financial Highlights
 The assets and deferred outflows of resources of the Authority exceeded its liabilities and deferred
inflows of resources at June 30, 2024 by $13,823,815.
 The Authority’s cost of operations were fully covered with operating revenues (fixed route and demand
response income, advertising, rental and other miscellaneous income) and government support (federal,
state, and local operating subsidies). See the Authority’s net cost of service calculation on page 27 of the
financial statements.
The Authority’s total net position had a net increase of $2,288,044 from fiscal year 2023, mainly due to
contributed capital from the federal and state government for the acquisition of capital assets of
$3,656,094, current year non-reimbursable depreciation on capital assets of $1,477,526, an increase in the
Authority’s reserve of $5,121 as allowed under M.G.L. 161B Section 6(q), and a decrease in the
Authority’s net pension liability and related deferred outflows and inflows of resources of $103,254
which are non-reimbursable items at this time.
 Operating revenues decreased $19,860 or 3.2% from fiscal year 2023. Fixed route income decreased
$21,931, due to fare-free events in December 2023 and June 2024, and demand response revenue
increased by $2,071.
 Operating expenses increased $632,977 or 7.9% from fiscal year 2023 mainly due to an increase in
demand response expenses of $585,961 due to increased wages, fuel prices and maintenance costs, an
increase in fixed route service of $164,114, an increase in administrative expenses of $13,177 due to
increased wages and benefits, and a decrease in other operating expenses of $130,275, which was funded
with specific grants from the federal and state government.
 The Authority expended $3,656,094 on capital assets, all of which was paid for by the federal and state
government.
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 BERKSHIRE REGIONAL TRANSIT AUTHORITY
(A Component Unit of the Massachusetts Department of Transportation)
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2024
 As travel continues to normalize, both fixed route and demand response ridership have exceeded fiscal
year 2023 levels by 10.95% and 16.25%, respectively. Both fixed route and demand response have
surpassed pre-Covid-19 levels by 8.4% and 8.0%, respectively.
 The Authority’s operations are funded annually through a state required computation of the net cost of
service. Except for the establishment of a restricted reserve, the Authority’s funding cannot exceed its net
cost of service. However, a deficit can result if funding is not sufficient to cover expenses.
Overview of the Financial Statements
The Authority is a component unit of the Massachusetts Department of Transportation formed for the purpose of
carrying out business-type activities in 30 western Massachusetts communities. The Authority’s financial
statements consist of three main statements: Statement of Net Position, Statement of Revenues, Expenses and
Changes in Fund Net Position, and Statement of Cash Flows. Notes and supplementary information that disclose
information about the nature of the Authority’s business, accounting policies and additional information about
specific statement amounts follow these statements.
The Authority’s net position consists of its net investment in capital assets (e.g. land, buildings, revenue vehicles
and office equipment), less any debt used to acquire those assets, and working capital held by the Authority’s
fixed route and paratransit operators. The Authority uses these capital assets and working capital held by the
fixed route and paratransit operators to provide transportation services to individuals within its service area.
Although the Authority’s capital assets are reported net of related debt, it should be noted that the resources
needed to repay this debt, if any, must be provided from other sources, since the capital assets themselves cannot
be used to liquidate these liabilities.
The Authority currently has no capital lease obligations or capital debt. Net position also consists of a restricted
reserve for extraordinary expenses as allowed by Massachusetts General Laws Chapter 161B Section 6(q).
Unfunded deficits are reported as unrestricted net position.
The Statement of Revenues, Expenses and Changes in Fund Net Position report the results of both operating and
non-operating activities. The Statement of Cash Flows, which is presented using the direct method, accounts for
the change in the cash and equivalents balance between July 1 and June 30. The cash flows statement provides
the detail on the cash the Authority received from and paid for operating and non-operating activities, investing,
and financing activities.
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 BERKSHIRE REGIONAL TRANSIT AUTHORITY
(A Component Unit of the Massachusetts Department of Transportation)
Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2024
A summary of the Authority’s net position consisted of the following at June 30:
Summary of Net Position
6/30/2024 6/30/2023 Change
Total current assets $ 7,275,321 $ 6,914,820 $ 360,501
Leases receivable, long-term 31,807 - 31,807
Property and equipment, net 13,168,139 10,993,686 2,174,453
Deferred outflows related to pensions 374,383 393,430 (19,047)
Total assets and deferred outflows of resources 20,849,650 18,301,936 2,547,714
Accounts payable and other accrued liabilities 596,312 455,899 140,413
Note payable 5,600,000 5,350,000 250,000
Net pension liability 603,493 720,714 (117,221)
Deferred inflows of resources related to pensions 171