Notes to SEFA
Title: Note1. Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized folling the cost principles containted in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: only direct costs were reimbursed for the project
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Groveland Township Water District, and is presented on the accrual basis of accounting. 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 Groveland Township Water District, it is not intended to and does not present the net position, changes in net position, or cash flows of Groveland Township Water District.
Title: Note 2. Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized folling the cost principles containted in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: only direct costs were reimbursed for the project
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. Groveland Township Water District has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.