Notes to SEFA
Title: FEDERAL FUNDED INSURANCE
Accounting Policies: Note 1. Basis of Presentation
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award
activity of the Lower Rio Grande Public Water Works Authority under programs of the federal
government for the year ended June 30, 2023. The information in this Schedule is presented in
accordance with the 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 or the operations of the Authority, it
is not intended to and does not present the financial position, changes in net position or cash flows of
the Authority.
Note 2 Summary of Significant Accounting Policies
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 as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the allowed 10% indirect cost rate.
THE AUTHORITY HAS NO FEDERALLY FUNDED INSURANCE