Notes to SEFA
Title: Note 1-Basis of Presentation
Accounting Policies: See Form page
De Minimis Rate Used: N
Rate Explanation: The agency used actual costs.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of the East Feliciana Rural Water System, Inc. under programs of the federal government for the year ended June 30, 2023. The information on this Schedule is presented in accordance with requirements of the 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 represents only a selected portin of the operations of the System, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the East Feliciana Rural Water System, Inc.
Title: Note 2-Summary of Significant Accounting Policies
Accounting Policies: See Form page
De Minimis Rate Used: N
Rate Explanation: The agency used actual costs.
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, wherein certain types of expenditures 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 expenditures in prior years.
Title: Note 3-Indirect Cost Rate
Accounting Policies: See Form page
De Minimis Rate Used: N
Rate Explanation: The agency used actual costs.
The East Feliciana Rural Wate rSystem Inc. has elected not to use the 10-percent de minimis direct cost rate allowed under the Uniform Guidance.