Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: The accompanying schedule of expenditures of federal awards (“Schedule”) includes the federal award activity of Hawaiʻi Rural Water Association, Inc. (“Association”) under programs of the federal government for the year ended December 31, 2023. The information on this Schedule is prepared 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 the Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
De Minimis Rate Used: N
Rate Explanation: The Association has elected to not use the 10-percent de minimis indirect cost rate on new grants as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (“Schedule”) includes the federal
award activity of Hawaiʻi Rural Water Association, Inc. (“Association”) under programs of the federal
government for the year ended December 31, 2023. The information on this Schedule is prepared 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 the
Association, it is not intended to and does not present the financial position, changes in net assets, or
cash flows of the Association.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying schedule of expenditures of federal awards (“Schedule”) includes the federal award activity of Hawaiʻi Rural Water Association, Inc. (“Association”) under programs of the federal government for the year ended December 31, 2023. The information on this Schedule is prepared 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 the Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
De Minimis Rate Used: N
Rate Explanation: The Association has elected to not use the 10-percent de minimis indirect cost rate on new grants 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 OMB Circular A-122, Cost
Principles for Non-Profit Organizations (codified in 2 CFR Part 230) and Title 2 U.S. Code of Federal
Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements
for Federal Awards, wherein certain types of expenditures may or may not be allowable or may be
limited as to reimbursement.
Title: NOTE 3 – INDIRECT COST RATE
Accounting Policies: The accompanying schedule of expenditures of federal awards (“Schedule”) includes the federal award activity of Hawaiʻi Rural Water Association, Inc. (“Association”) under programs of the federal government for the year ended December 31, 2023. The information on this Schedule is prepared 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 the Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
De Minimis Rate Used: N
Rate Explanation: The Association has elected to not use the 10-percent de minimis indirect cost rate on new grants as allowed under the Uniform Guidance.
The Association has elected to not use the 10-percent de minimis indirect cost rate on new grants as
allowed under the Uniform Guidance.
Title: NOTE 4 – MAJOR PROGRAM
Accounting Policies: The accompanying schedule of expenditures of federal awards (“Schedule”) includes the federal award activity of Hawaiʻi Rural Water Association, Inc. (“Association”) under programs of the federal government for the year ended December 31, 2023. The information on this Schedule is prepared 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 the Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
De Minimis Rate Used: N
Rate Explanation: The Association has elected to not use the 10-percent de minimis indirect cost rate on new grants as allowed under the Uniform Guidance.
* Denotes major program, which compromise 37% of total expenditures of federal awards.
Title: NOTE 5 – AMOUNTS PROVIDED TO SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (“Schedule”) includes the federal award activity of Hawaiʻi Rural Water Association, Inc. (“Association”) under programs of the federal government for the year ended December 31, 2023. The information on this Schedule is prepared 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 the Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
De Minimis Rate Used: N
Rate Explanation: The Association has elected to not use the 10-percent de minimis indirect cost rate on new grants as allowed under the Uniform Guidance.
The Association has not passed through any federal awards to subrecipients during the year ended
December 31, 2023.