Notes to SEFA
Title: Note A - Basis of Preparation
Accounting Policies: 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 the reimbursement.
De Minimis Rate Used: N
Rate Explanation: Did not elect to use the De Minimis rate of indirect costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal awards activity of Horsham Water and Sewer Authority 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 Horsham Water and Sewer Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of Horsham Water and Sewer Authority. The accompanying schedule of expenditures of federal awards presents the activity of all federal financial assistance programs Horsham Water and Sewer Authority. Federal awards passed through other government agencies are included on the schedule.
Title: Note B - Summary of Significant Accounting Principles
Accounting Policies: 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 the reimbursement.
De Minimis Rate Used: N
Rate Explanation: Did not elect to use the De Minimis rate of indirect costs.
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 the reimbursement.
Title: Note C - De Minimis Rate for Indirect Costs
Accounting Policies: 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 the reimbursement.
De Minimis Rate Used: N
Rate Explanation: Did not elect to use the De Minimis rate of indirect costs.
The Authority did not elect to use the De Minimis rate for indirect costs.