Audit 293016

Title: Note 1 - Basis of Presentation Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards (the schedule) of Peace River Manasota Regional Water Supply Authority (the Authority) have been designed to conform with generally accepted accounting principles, including reporting and compliance 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). The schedule is presented on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The accounting policies and presentation of the accompanying schedule of expenditures of federal awards (the schedule) of Peace River Manasota Regional Water Supply Authority (the Authority) have been designed to conform with generally accepted accounting principles, including reporting and compliance 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). The schedule is presented on the accrual basis of accounting.

Title: Note 2 - Reporting Entity Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards (the schedule) of Peace River Manasota Regional Water Supply Authority (the Authority) have been designed to conform with generally accepted accounting principles, including reporting and compliance 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). The schedule is presented on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The Authority's reporting entity is defined in Note 1 to the Authority's basic financial statements for the year ended September 30, 2023. All federal awards received directly from federal agencies, as well as federal awards passed through other governmental agencies, are included in this schedule.

Title: Note 3 - Contingencies Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards (the schedule) of Peace River Manasota Regional Water Supply Authority (the Authority) have been designed to conform with generally accepted accounting principles, including reporting and compliance 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). The schedule is presented on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Grant monies received and disbursed by the Authority are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to the disallowance of expenditures. Based upon prior experience, the Authority does not believe that such disallowances, if any, would have a material effect on the financial position of the Authority.

Title: Note 4 - Indirect Costs Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards (the schedule) of Peace River Manasota Regional Water Supply Authority (the Authority) have been designed to conform with generally accepted accounting principles, including reporting and compliance 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). The schedule is presented on the accrual basis of accounting. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. The Authority did not elect to use the 10% de minimis cost rate in 2023 as covered in 2 CFR 200.414.