Notes to SEFA
Title: NOTE A. BASIS OF PRESENTATION
Accounting Policies: NOTE B.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. The cash basis of accounting only recognizes cash and no liabilities are recognized. All transactions are recognized as either cash receipts or cash disbursements, and noncash transactions are not recognized.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Lower Loup Natural Resources District under programs of the federal government for the year ended June 30, 2022. 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 Lower Loup Natural Resources District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of LLNRD
Title: NOTE C EXPENDITURES
Accounting Policies: NOTE B.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported on the Schedule are reported on the cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States of America. The cash basis of accounting only recognizes cash and no liabilities are recognized. All transactions are recognized as either cash receipts or cash disbursements, and noncash transactions are not recognized.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal expenditures listed in the Schedule generally are the expenditures recorded to that program with the accounting records except for the following:Reclamation States Emergency Drought Relief: The expenditures recognized were $1,805,032, the expenditures reported was limited to the award amount of $750,000.