Notes to SEFA
Accounting Policies: Basis of PresentationThe accompanying schedule of federal awards (the Schedule) includes federal grant activity of SWWF, Inc.under programs of the federal government for the year ended August 31, 2022. The information in thisSchedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance). Because the Schedule presents only a selected portion of the operation of SWWF, Inc.,it is not intended to and does not present the financial position, changes in net assets, or cash flows of SWWF,Inc.Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures arerecognized following the cost principles contained in the Uniform Guidance, wherein certain types ofexpenditures are not allowable or are limited as to reimbursement.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.