Notes to SEFA
Title: Note A Basis of Presentation
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
This schedule of expenditures of federal awards includes the federal grant activity of Dry Prairie Rural Water Authority under programs of the federal government for the year 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards(Uniform Guidance). Because this schedule presents only a selected portion of the operations of Dry Prairie Rural Water Authority, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Dry Prairie Rural Water Authority.
Title: Note B Summary of Significant Accounting Policies
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on this schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note C Indirect Cost Rate
Accounting Policies: Accrual basis of accounting
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Authority did not use the ten percent (10%) de minimis indirect cost rate allowed under the Uniform Guidance.