Notes to SEFA
Title: Basis of Presenation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where in certain types of expenditures may or may not be allowable or may be limited to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expendiutres in prior years.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10 percent de minimis indirect cost rate, as allowed by under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Wards includes the federal grant activity of the Distric and is presented on the modified accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts are presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
Title: Matching Requirements
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where in certain types of expenditures may or may not be allowable or may be limited to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expendiutres in prior years.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10 percent de minimis indirect cost rate, as allowed by under the Uniform Guidance.
Certain Federal programs require the District to contribute non-Federal funds (matching funds) to support the Federally funded programs. The Distric has met its matching requirements. The Schedule does not include the expenditure of non-Federal matching funds.
Title: Federal Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where in certain types of expenditures may or may not be allowable or may be limited to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expendiutres in prior years.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10 percent de minimis indirect cost rate, as allowed by under the Uniform Guidance.
The District has outstanding loans through the Nebraska Department of Health and Human Services and Department of Enviornment and Energy's State Revolving Fund Loan Program. Undertaken to finance necessary improvements and upgrades to the District's rural water systems. This program is partially funded through the United States Environmental Protection Agency; however, the Federal government does not impose continuing compliance requirements other than repayment of the loans. The balance of loans outstanding at June 30, 2023, consist of: 66.468 - Capitalization Grants for Safe Drinking Water State Revolving Fund - $498,673