Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the District and is presented on the modified accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in or used in the preparation of the basic financial statements.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures 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 where in certain types of expenditures may or may not be allowable or may be limited to reimbursement. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.NOTE 4 MATCHING REQUIREMENTSCertain Federal programs require the District to contribute non-Federal funds (matching funds) to support the Federally-funded programs. The District has met its matching requirements. The Schedule does not include the expenditure of non-Federal matching funds.NOTE 5 FEDERAL LOANS OUTSTANDINGThe District has outstanding loans through the Nebraska Department of Health and Human Services and Department of Environment and Energy's State Revolving Fund Loan Program. Undertaken to finance necessary improvements and upgrades to the District's rural water systems. This program is partially funded though the United States Environmental Protection Agency; however, the Federal government does not impose continuing compliance requirements other than repayment of the loans. The balance ofloans outstanding at June 30, 2022 consist of:66.468 - Capitalization Grants for Safe Drinking water State Revolving Fund - $528,292
De Minimis Rate Used: N
Rate Explanation: The District did not elect to use the 10 percent de minimis indirect cost rate, as allowed by under theUniform Guidance.