Title: Basis of Presentation and Significant Accounting Policies
Accounting Policies: See First Note
De Minimis Rate Used: N
Rate Explanation: No indirect cost reimbursements requested
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes activity of the Tualatin Valley Water District (District) funded by the federal government for the year ended June 30, 2023. The District’s reporting entity is defined in Note 1 to the District’s basic financial statements. The information in the 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). Because the Schedule presents only a selected portion of the operations of the District, it is not intended to and does not present the financial net position, changes in net position, nor the cash flows of the District.
Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for State, Local and Indian Tribal Governments, where applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures are recorded when the liability is incurred. If applicable, donated commodities are valued at their estimated fair value.
Title: Indirect Cost Rate
Accounting Policies: See First Note
De Minimis Rate Used: N
Rate Explanation: No indirect cost reimbursements requested
The District has not elected to submit an indirect cost allocation plan nor has it elected to use the ten percent de minimis indirect cost rate as allowed under the Uniform Guidance. The District will not be assessing such charges to any of the federally funded programs.
Title: Federal Financial Assistance
Accounting Policies: See First Note
De Minimis Rate Used: N
Rate Explanation: No indirect cost reimbursements requested
Pursuant to Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, direct appropriations or non-monetary federal assistance such as federal surplus property. Federal financial assistance does not include direct federal cash assistance to individuals.
Title: Non-monetary Federal Assistance
Accounting Policies: See First Note
De Minimis Rate Used: N
Rate Explanation: No indirect cost reimbursements requested
The District received donated surplus supplies valued at $1,341 during the FY2023.
Title: Federal Loans
Accounting Policies: See First Note
De Minimis Rate Used: N
Rate Explanation: No indirect cost reimbursements requested
The District received a WIFIA loan by the EPA totaling $387,748,990 to help fund construction of the Willamette Water Supply System and other capital projects of the District. Federal expenditures of $140,206,119 were reported consisting of draws on the loan during FY2023 as shown in the table below:
WIFIA Loan Federal Expenditures
Balance at June 30, 2022 $103,436,353
Distributions received during the year 140,206,119 $140,206,119
Interest capitalized into the loan balance 2,043,206
Balance at June 30, 2023 $245,685,678
Title: Subrecipients
Accounting Policies: See First Note
De Minimis Rate Used: N
Rate Explanation: No indirect cost reimbursements requested
The District did not pass-through federal financial assistance to any subrecipients.