Notes to SEFA
Accounting Policies: 1. BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes federal grant activity of CRWA and is presented under the modified accrual basis of accounting. The May 2023 of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements of Federal Awards (Uniform Guidance) requires a disclosure of the financial activities of all federally funded programs. This schedule was prepared to comply with the Uniform Guidance and state requirements. Therefore, some amounts presented in this schedule may differ from amounts used in the preparation of the general purpose financial statements. The organization has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance.2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.(2) 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.