Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule are reported using the same accounting policies as the general-purpose financial statements. Readers should refer to the notes of the financial statements for more detail. 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. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: The Association has elected to use their federally negotiated and approved indirect rate of 18% as allowed under the Uniform Guidance.
The Schedule of Federal Awards presents the activity of all federal financial assistance and federal cost-reimbursement contracts of Wyoming Association of Rural Water Systems. The Schedule is prepared using the same accounting policies as the general purpose financial statements. Readers should refer to the notes the financial statements for more detail.
Title: MAJOR PROGRAMS
Accounting Policies: Expenditures reported on the schedule are reported using the same accounting policies as the general-purpose financial statements. Readers should refer to the notes of the financial statements for more detail. 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. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: The Association has elected to use their federally negotiated and approved indirect rate of 18% as allowed under the Uniform Guidance.
The major programs are identified in the Summary of Auditor’s Results section of the Schedule of Findings and Questioned Costs.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the schedule are reported using the same accounting policies as the general-purpose financial statements. Readers should refer to the notes of the financial statements for more detail. 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. Negative amounts shown on the schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: Y
Rate Explanation: The Association has elected to use their federally negotiated and approved indirect rate of 18% as allowed under the Uniform Guidance.
The Association had no subrecipients during the year ended December 31, 2023.