Notes to SEFA
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Michigan Rural Water Association under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of the 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 Michigan Rural Water Association, it is not intended to and does not present the financial position or changes
in net position of Michigan Rural Water Association.
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. Negative amounts (if any) shown on the Schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures.
The Michigan Rural Water Association has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance.
The Michigan Rural Water Association does not have any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Michigan Rural Water Association has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of Michigan Rural Water Association under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the requirements of the 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 Michigan Rural Water Association, it is not intended to and does not present the financial position or changes
in net position of Michigan Rural Water Association.
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. Negative amounts (if any) shown on the Schedule represent adjustments or credit made in the normal course of business to amounts reported as expenditures.
The Michigan Rural Water Association has elected not to use the 10 percent de minimus indirect cost rate to recover costs as allowed under the Uniform Guidance.
The Michigan Rural Water Association does not have any subrecipients.