Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenses reported on the schedule are reported on the accrual basis of accounting. Such expenses are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenses are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule
represent adjustments or credits made in the normal course of business to amounts reported as expenses
in prior years.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of
Lindsay-Strathmore Irrigation District under programs of the federal government for the year ended
December 31, 2022. The information in this schedule is presented in accordance with the requirements of
Title 2 U.S. Code of Federal Regulations (CFR) 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 the District, some amounts presented in this schedule
may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: Federal Expenditures
Accounting Policies: Expenses reported on the schedule are reported on the accrual basis of accounting. Such expenses are
recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenses are not allowable or are limited as to reimbursement. Negative amounts shown on the schedule
represent adjustments or credits made in the normal course of business to amounts reported as expenses
in prior years.
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10% de minimis cost rate.
The value of federal awards expended under the loan program, for the year ended December 31, 2022, is
calculated as follows:
Balance of loans from previous years for which the federal
government imposes continuing compliance requirements
as of January 1, 2022 $ 4,901,741
New loans made or received 1,078,526
Total federal awards expended under the loan program as of
the year ended December 31, 2022 $ 5,980,267