Title: Loan/loan guarantee outstanding balances
Accounting Policies: All federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies are included on the Schedule. The information in the Schedule is presented in accordance with the audit 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 Milo Water District, it is not intended to, and does not, present the financial position, changes in net position or cash flows of Milo Water District. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable, or are limited to reimbursement. The Milo Water District has not elected to use the 10% de minimis indirect cost rate. Amounts included in the Schedule include only federal portions of the award; nonfederal portions are not included in the Schedule.
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 1377005.
Title: Contingency Note
Accounting Policies: All federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies are included on the Schedule. The information in the Schedule is presented in accordance with the audit 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 Milo Water District, it is not intended to, and does not, present the financial position, changes in net position or cash flows of Milo Water District. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable, or are limited to reimbursement. The Milo Water District has not elected to use the 10% de minimis indirect cost rate. Amounts included in the Schedule include only federal portions of the award; nonfederal portions are not included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal award amounts received are subject to audit and adjustment. If any expenditures or expenses are disallowed by the grantor agencies as a result of such an audit, any claim for reimbursement to the grantor agencies would be a liability to Milo Water District. In the opinion of management, all federal expenditures are in compliance with the terms of the grant agreements and applicable federal and state laws and regulations.
Title: Loan Program Note
Accounting Policies: All federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies are included on the Schedule. The information in the Schedule is presented in accordance with the audit 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 Milo Water District, it is not intended to, and does not, present the financial position, changes in net position or cash flows of Milo Water District. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable, or are limited to reimbursement. The Milo Water District has not elected to use the 10% de minimis indirect cost rate. Amounts included in the Schedule include only federal portions of the award; nonfederal portions are not included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Water and Waste Disposal Systems for Rural Communities Program, CFDA #10.760, includes two loans from the U.S. Department of Agriculture Rural Development Program with outstanding balances totaling $1,377,005 at December 31, 2022.
Title: reconciliation of Schedule to the Financial statements
Accounting Policies: All federal awards received directly from federal agencies as well as federal awards passed through other governmental agencies are included on the Schedule. The information in the Schedule is presented in accordance with the audit 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 Milo Water District, it is not intended to, and does not, present the financial position, changes in net position or cash flows of Milo Water District. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable, or are limited to reimbursement. The Milo Water District has not elected to use the 10% de minimis indirect cost rate. Amounts included in the Schedule include only federal portions of the award; nonfederal portions are not included in the Schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures per the Schedule 2,536,424Less: Federal Loan Program Expenditures(1,377,005)Grant Expenditures per the Schedule 1,159,419Statement of Revenues, Expenses and Changes in Fund Net Position: Grant Revenues 1,159,419