Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Panhandle Village Water System has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Panhandle Village Water System under programs of the federal government for the year ended May 31, 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 of the operations of Panhandle Village Water System, it is not intended to and does not present the financial
position, changes in net assets, or cash flows of Panhandle Village Water System.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Panhandle Village Water System has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
(1) Expenditures reported on the Schedule are reported on the modified accrual basis of
accounting. Such expenditures are recognized following the cost principles contained in
the Uniform Guidance and Cost Principles for State, Local and Indian Tribal Governments,
wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
(2) Panhandle Village Water System has elected not to use the 10 percent de minimis indirect
cost rate as allowed under the Uniform Guidance.
Title: Sub-Recipients
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to
reimbursement.
De Minimis Rate Used: N
Rate Explanation: Panhandle Village Water System has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
There were no awards passed through to subrecipients.