Notes to SEFA
Title: BASIS FOR PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “schedule”) are
reported on the accrual basis of accounting. Such expenditures are recognized following the
cost principles contained in 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 are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Western Area Water Supply Authority has not elected to use the 10-percent de minimis cost
rate as allowed under the Uniform Guidance.
This accompanying schedule includes the federal award activity of Western Area Water Supply
Authority under programs of the federal government for the year then 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 Western Area Water Supply
Authority, it is not intended to and does not present the financial position, change in net position,
or cash flows of Western Area Water Supply Authority.
Title: RECONCILIATION TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “schedule”) are
reported on the accrual basis of accounting. Such expenditures are recognized following the
cost principles contained in 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 are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Western Area Water Supply Authority has not elected to use the 10-percent de minimis cost
rate as allowed under the Uniform Guidance.
The following is a reconciliation between the amount presented on the schedule and amounts
presented on the financial statements as of December 31, 2023. (SEE TABLE IN NOTES TO SEFA)