Title: General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of East Central Vernon Water System, Inc. 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 East Central Vernon Water System, Inc., it is not intended to and does not present the financial position, changes in net position, or cash flows of East Central Vernon Water System, Inc.
De Minimis Rate Used: N
Rate Explanation: Entity did not use the 10% de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of East Central Vernon Water System, Inc. 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 East Central Vernon Water System, Inc., it is not intended to and does not present the financial position, changes in net position, or cash flows of East Central Vernon Water System, Inc.
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of East Central Vernon Water System, Inc. 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 East Central Vernon Water System, Inc., it is not intended to and does not present the financial position, changes in net position, or cash flows of East Central Vernon Water System, Inc.
De Minimis Rate Used: N
Rate Explanation: Entity did not use the 10% de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the System’s basic financial statements for the year ended December 31, 2023. 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.
Title: Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of East Central Vernon Water System, Inc. 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 East Central Vernon Water System, Inc., it is not intended to and does not present the financial position, changes in net position, or cash flows of East Central Vernon Water System, Inc.
De Minimis Rate Used: N
Rate Explanation: Entity did not use the 10% de minimis cost rate.
The System has elected not to use the 10 percent de minimis indirect cost rate allowed under Uniform Guidance.
Title: Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of East Central Vernon Water System, Inc. 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 East Central Vernon Water System, Inc., it is not intended to and does not present the financial position, changes in net position, or cash flows of East Central Vernon Water System, Inc.
De Minimis Rate Used: N
Rate Explanation: Entity did not use the 10% de minimis cost rate.
The System had debt balance outstanding of $530,270 at December 31, 2023 as it relates to the Capitalization Grants for Drinking Water State Revolving Funds CFDA 66.468.