Notes to SEFA
Title: BASIS FOR PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the "schedule") are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
This accompanying schedule includes the federal award activity of Western Area Water Supply Authority under programs of the federal government for the year then ended December 31, 2020. 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). Because the schedule presents only a selected portion of the operations of Western Area Water Supply Authority, it is not intended to and does not present the financial position, change in net position, or cash flows of Western Area Water Supply Authority.
Title: RECONCILIATION TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the "schedule") are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following is a reconciliation between the amount presented on the schedule and amounts presented on the financial statements as of December 31, 2022. Reconciliation to the Financial Statements Notes payable, December 31, 2021 (expended before 2022) $ 17,306,452 Advances during 2022 (expended during 2020) 56,666 Advances during 2022 (expended during 2021) 891,828 Advances during 2022 (expended during 2022) * 2,171,574 Principal payments during 2022 (835,000) Notes payable, December 31, 2022 19,591,520 Advances during 2023 (expended during 2022) * 150,157 Grant revenue 8,893,816 Non-federal grants (8,839,701) * 54,115 Total expended during 2022 * $ 2,375,846