Notes to SEFA
Title: Reporting Entity
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Indirect costs not charged to federal grants during the year ended December 31, 2023.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of the Tahoe City Public Utility District (the District). The Tahoe City Public Utility District reporting entity is defined in Note 1 of the District's Annual Comprehensive Financial Report. All federal awards received directly from federal agencies as well as federal awards passed through other government agencies are included on the schedule. When federal awards were received from a pass-through entity, the Schedule of Expenditures of Federal Awards shows, if available, the identifying number assigned by the pass-through entity.
Title: Basis of Accounting
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Indirect costs not charged to federal grants during the year ended December 31, 2023.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the District and is presented on accounting principles generally accepted in the United States of America. The information in this schedule is presented on the accrual basis of accounting and in accordance with 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).
Title: Relationship to Financial Statements
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Indirect costs not charged to federal grants during the year ended December 31, 2023.
The amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree, in all material respects, to amounts reported within the District's basic financial statements.
Title: Claims
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Indirect costs not charged to federal grants during the year ended December 31, 2023.
The District has received federal grants for specific purposes that are subject to review and audit by the Federal Government pass-through entity. Although such audits could result in expenditure disallowance under grant terms, any required reimbursements are not expected to be material which have not already been recorded.
Title: Indirect Costs
Accounting Policies: GAAP
De Minimis Rate Used: N
Rate Explanation: Indirect costs not charged to federal grants during the year ended December 31, 2023.
The District elected not to use the 10% de minimis indirect cost rate, and did not charge indirect costs to federal grants during the year ended December 31, 2023.