Audit 308309

Title: Loan / loan guarantee outstanding balance Accounting Policies: A. Basis of Presentation - The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Pike Creek Reorganized Common Sewer District 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 Pike Creek Reorganized Common Sewer District, it is not intended to and does not present the financial position, changes in net position, or changes in cash flows of Pike Creek Reorganized Common Sewer District. B. Summary of Significant Accounting Policies - 1) Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments , wherein certain types of expenditures are not allowable or are limited as to reimbursement. 2) Pass-through entity identifying numbers are presented where available. C. Indirect Cost Rate - The District has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. Water and Waste Disposal Systems for Rural Communities (10.760) - Balances outstanding at the end of the audit period were $2,370,845.00.