Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The financial reporting entity, as defined by the Governmental Accounting Standard Board (GASB), consists of the primary government, which is the Alameda County Water District (the District), organizations for which the primary government is financially accountable, and other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District utilizes the full accrual method of accounting to the Districts financial statement. Funds received under the various grant programs have been recorded as operating grant, and expenditures of federal are recorded as operating grant expenses or as additions to capital assets in the Districts financial statements. The accompanying Schedule of Expenditures of Federal Awards (Schedule) is presented in accordance with the requirements of Title 2U.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 the schedule may differ from amounts presented in, or used in, the preparation of the Districts basic financial statements.
Title: Schedule of Expenditures of Federal Awards
Accounting Policies: The financial reporting entity, as defined by the Governmental Accounting Standard Board (GASB), consists of the primary government, which is the Alameda County Water District (the District), organizations for which the primary government is financially accountable, and other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entity's financial statements to be misleading or incomplete.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule presents the activity of all federal financial assistance programs of the District. Federal financial assistance received passed through the State of California is included in the Schedule. The Schedule was prepared only from the accounts of various grant programs and, therefore, does not present the financial position or change in net position of the District.