Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule of Expenditures of Federal Awards (the "Schedule") includes federal grant activity of Conway Corporation Water Department (the Department), 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 (CFR) 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 the Department, it is not intended to and does no present the financial position or changes in financial position of the Department. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Department has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
See table on page 45
Title: Summary of Significant Accounting Policies
Accounting Policies: The Schedule of Expenditures of Federal Awards (the "Schedule") includes federal grant activity of Conway Corporation Water Department (the Department), 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 (CFR) 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 the Department, it is not intended to and does no present the financial position or changes in financial position of the Department. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Department has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
See table on page 45
Title: 10 Percent De Minimis Indirect Cost Rate
Accounting Policies: The Schedule of Expenditures of Federal Awards (the "Schedule") includes federal grant activity of Conway Corporation Water Department (the Department), 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 (CFR) 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 the Department, it is not intended to and does no present the financial position or changes in financial position of the Department. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Department has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
See table on page 45