Notes to SEFA
Title: Note 1
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Red Rock Rural Water System, Minnesota and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Red Rock Rural Water used actual costs versus the de minimis cost rate. This provides actual costs in the project.
* Denotes Major Program
Title: Note 3
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Red Rock Rural Water System, Minnesota and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Red Rock Rural Water used actual costs versus the de minimis cost rate. This provides actual costs in the project.
Type A programs were determined based on $750,000 threshold.
Title: Note 4
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Red Rock Rural Water System, Minnesota and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Red Rock Rural Water used actual costs versus the de minimis cost rate. This provides actual costs in the project.
Major programs were determined based on $750,000 threshold.
Title: Note 6
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Red Rock Rural Water System, Minnesota and is presented on the accrual basis of accounting. 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Red Rock Rural Water used actual costs versus the de minimis cost rate. This provides actual costs in the project.
Total outstanding loans at December 31, 2022 $5,161,087.