Notes to SEFA
Title: Note 1- General
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: HRSD has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of Hampton Roads Sanitation District, a component unit of the Commonwealth of Virginia (“HRSD”), under programs of the federal government for the year ended June 30, 2023. The information in the 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 (the “Uniform Guidance”). Because the Schedule presents only a selected portion of the operations of HRSD, it is not intended to and does not present either the financial position, changes in net position, or cash flows of HRSD.
Title: Note 3- Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: HRSD has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
There were no amounts passed to subrecipients for the year ended June 30, 2023.
Title: Note 5- Loan balance
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: HRSD has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The outstanding balance of the WIFIA loan was $80,180,408 on June 30, 2023.