Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: This summary of significant accounting policies of Jennings Water, Inc. (the Utility) is presented toassist in understanding theUtilitys financial statements. The financial statements and notes arerepresentations of the Utilitys management, who isresponsible for their integrity and objectivity. Therecords of the Utility are maintained in accordance with the UniformSystem of Accounts as prescribedby the National Association of Regulatory Utility Commissioners. These accounting policiesconformto U.S. generally accepted accounting principles and have been consistently applied in the preparationof thefinancial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
WATER AND WASTE DISPOSAL SYSTEMS FOR RURAL COMMUNITIES (10.760) - Balances outstanding at the end of the audit period were 5714226.