Notes to SEFA
Title: NOTE A – BASIS OF PRESENTATION
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. Any negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Barkeyville Municipal Authority has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the
federal award activity of Barkeyville Municipal Authority under programs of the federal
government for the year ended September 30, 2022. The information in this Schedule ispresented 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 Barkeyville Municipal Authority, it is not intended to be and does not present the financial position, changes in net position, or cash flows for Barkeyville Municipal Authority.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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. Any negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Barkeyville Municipal Authority has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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. Any negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business amounts reported as expenditures in prior years. Barkeyville Municipal Authority has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE C – LOAN BALANCE RELATED TO FEDERAL AWARDS
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. Any negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: Barkeyville Municipal Authority has elected to not use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
In December 2020, the Authority entered into a loan agreement to finance the water system improvement project. This agreement called for interim financing to be obtained by the Authority with subsequent federal funding to be received to pay off the loan. During the year ended September 30, 2022, the Authority expended $1,563,790 of federal loan funds, with the total balance outstanding of $2,042,000 due at year-end.