Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: THE INFORMATION IN THIS SCHEDULE IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING AND IN ACCORDANCE WITH THE REQUIREMENTS 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 SOUTH CAROLINA RURAL WATER ASSOCIATION, INC., IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF SOUTH CAROLINA RURAL WATER ASSOCIATION, INC.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of South Carolina Rural Water Association, Inc. under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented on the accrual basis of accounting and in accordance with the requirements 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 South Carolina Rural Water Association, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of South Carolina Rural Water Association, Inc.
Title: NOTE 2 - COST PRINCIPLES
Accounting Policies: THE INFORMATION IN THIS SCHEDULE IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING AND IN ACCORDANCE WITH THE REQUIREMENTS 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 SOUTH CAROLINA RURAL WATER ASSOCIATION, INC., IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF SOUTH CAROLINA RURAL WATER ASSOCIATION, INC.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
Expenditures are recognized following the cost principles contained in 2 CFR Part 200, Cost Principles for Nonprofit Organizations, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Matching costs, i.e., the non-federal share of certain program costs, are not included in the Schedule.
Title: NOTE 3 - INDIRECT COST RATE
Accounting Policies: THE INFORMATION IN THIS SCHEDULE IS PRESENTED ON THE ACCRUAL BASIS OF ACCOUNTING AND IN ACCORDANCE WITH THE REQUIREMENTS 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 SOUTH CAROLINA RURAL WATER ASSOCIATION, INC., IT IS NOT INTENDED TO AND DOES NOT PRESENT THE FINANCIAL POSITION, CHANGES IN NET ASSETS, OR CASH FLOWS OF SOUTH CAROLINA RURAL WATER ASSOCIATION, INC.
De Minimis Rate Used: N
Rate Explanation: THE AUDITEE DID NOT USE THE DE MINIMIS COST RATE.
South Carolina Rural Water Association, Inc. has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.