Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accounting policies of the Richmond Utilities District's Schedule of Expenditures of Federal Awards conforms to generally accepted accounting principles as applicable to governmental units. The modified accrual basis of accounting is followed. This method of accounting is defined as the basis of accounting under which expenditures are recorded as incurred and revenues are recorded when received in cash except for material and/or available revenues which are accrued to reflect properly the assessments levied and the revenues earned.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Water and Disposal systems for rural communities (10.760) - Balances outstanding at the end of the audit period was $7,400,723.