Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. As such expenditures are recognized following the cost principles contained in the Uniform Guidance, where 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: N
Rate Explanation: Star Sewer and Water District not has elected to use the 10-percent de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Star Sewer and Water District under programs of the Federal Government for the year ended November 30, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements of Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Star Sewer and Water District, it is not intended to and does not present the financial position or changes in Net Position of Star Sewer and Water District.
Title: Loan Balance
Accounting Policies: Expenditures reported on the Schedule are reported using the accrual basis of accounting. As such expenditures are recognized following the cost principles contained in the Uniform Guidance, where 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: N
Rate Explanation: Star Sewer and Water District not has elected to use the 10-percent de minimis indirect cost rate.
Star Sewer and Water District had an outstanding loan balance of $29,919,733 on November 30, 2023 that was associated with CFDA 66.458.