Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (1) Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the costs principles contained in Uniform Guidance wherein certain types of expenditures are not allowed or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) Warminster Township Municipal Authority did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Warminster Township Municipal Authority uses funder approved indirect cost rates that are stipulated in grant agreements.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the Warminster Township Municipal 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 Warminster Township Municipal Authority, it is not intended to and does not present the financial position, change in net assets, or cash flows of Warminster Township Municipal Authority.
Title: Summary of Significant Accounting Policies
Accounting Policies: (1) Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the costs principles contained in Uniform Guidance wherein certain types of expenditures are not allowed or are limited as to reimbursement.
(2) Pass-through entity identifying numbers are presented where available.
(3) Warminster Township Municipal Authority did not elect to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Warminster Township Municipal Authority uses funder approved indirect cost rates that are stipulated in grant agreements.
(1) Expenditures 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. (2) Pass-through entity identifying numbers are presented where available. (3) Warminster Township Municipal Authority has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance.