Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: Lenox Municipal Utilities has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards(Schedule) includes the federal award activity of Lenox Municipal Utilities under programs of the federal government for the year ended December 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 Lenox Municipal Utilities, it is not intended to and does not present the financial position, changes in financial position, or cash flows of Lenox Municipal Utilities.
Title: Subrecipients
Accounting Policies: Expenditures reported in the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: Lenox Municipal Utilities has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
No federal grant awards were passed through to subrecipients during the year ended December 31, 2023.
Title: Water and Waste Disposal Systems for Rural Communities Program
Accounting Policies: Expenditures reported in the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: Lenox Municipal Utilities has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Lenox Municipal Utilities had outstanding loans of $1,928,241 as of December 31, 2023.