Notes to SEFA
Accounting Policies: NOTE 1- SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation. The accompanying schedule of federal and state awards (the Schedule) includes federal and state grant activity of GCWDB under programs of the federal and state government for the year ended September 30, 2022. 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), the State of Texas Uniform Grants Management Standards and State of Texas Single Audit Circular. Because the Schedule presents only a selected portion of the operation of GCWDB, it is not intended to and does not present the financial position, changes in net assets or cash flows of GCWDB. Summary of Significant Accounting PoliciesExpenditures 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.