Title: NOTE 1 – GENERAL
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1
of the notes to the District’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Under Federal Emergency Management Agency (FEMA) disaster grant 4699DR-CA, applicants are
permitted to allocate up to 5% of total disaster project costs for indirect, administrative, and project
management related expenditures. The District has opted out of utilizing the 10% de minimis indirect cost
rate. The 5% allocation specifically applies to the 2024 revenue period. The District met the 5%
administrative cost threshold during the grant period in 2023, which resulted in an additional submission
of $73,709, under a separate Category Z project related to this disaster grant. As these costs remained
under review by the State and had not been approved or obligated by FEMA until July 2024, the District
has excluded them from its 2023 financial statements. Accordingly, revenue recognition for these costs
will be recorded prospectively in fiscal year 2024.
The accompanying Schedule of Expenditures of Federal Awards (SEFA) presents the activity of all
federal financial assistance programs of the Buena Vista Water Storage (the District). The District’s
reporting entity is defined in Note 1 within the District’s financial statements. All federal financial
assistance received directly from federal agencies, as well as federal assistance passed through other
government agencies, is included in the SEFA.
Title: NOTE 2 – BASIS OF ACCOUNTING
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1
of the notes to the District’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Under Federal Emergency Management Agency (FEMA) disaster grant 4699DR-CA, applicants are
permitted to allocate up to 5% of total disaster project costs for indirect, administrative, and project
management related expenditures. The District has opted out of utilizing the 10% de minimis indirect cost
rate. The 5% allocation specifically applies to the 2024 revenue period. The District met the 5%
administrative cost threshold during the grant period in 2023, which resulted in an additional submission
of $73,709, under a separate Category Z project related to this disaster grant. As these costs remained
under review by the State and had not been approved or obligated by FEMA until July 2024, the District
has excluded them from its 2023 financial statements. Accordingly, revenue recognition for these costs
will be recorded prospectively in fiscal year 2024.
The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1
of the notes to the District’s basic financial statements.
Title: NOTE 3 – RELATIONSHIP TO FINANCIAL STATEMENTS
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1
of the notes to the District’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Under Federal Emergency Management Agency (FEMA) disaster grant 4699DR-CA, applicants are
permitted to allocate up to 5% of total disaster project costs for indirect, administrative, and project
management related expenditures. The District has opted out of utilizing the 10% de minimis indirect cost
rate. The 5% allocation specifically applies to the 2024 revenue period. The District met the 5%
administrative cost threshold during the grant period in 2023, which resulted in an additional submission
of $73,709, under a separate Category Z project related to this disaster grant. As these costs remained
under review by the State and had not been approved or obligated by FEMA until July 2024, the District
has excluded them from its 2023 financial statements. Accordingly, revenue recognition for these costs
will be recorded prospectively in fiscal year 2024.
Federal award expenditures reported in the accompanying SEFA agree, or can be reconciled, in all
material respects, to amounts reported in the District’s basic financial statements.
Title: NOTE 4 – INDIRECT COSTS
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1
of the notes to the District’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Under Federal Emergency Management Agency (FEMA) disaster grant 4699DR-CA, applicants are
permitted to allocate up to 5% of total disaster project costs for indirect, administrative, and project
management related expenditures. The District has opted out of utilizing the 10% de minimis indirect cost
rate. The 5% allocation specifically applies to the 2024 revenue period. The District met the 5%
administrative cost threshold during the grant period in 2023, which resulted in an additional submission
of $73,709, under a separate Category Z project related to this disaster grant. As these costs remained
under review by the State and had not been approved or obligated by FEMA until July 2024, the District
has excluded them from its 2023 financial statements. Accordingly, revenue recognition for these costs
will be recorded prospectively in fiscal year 2024.
Under Federal Emergency Management Agency (FEMA) disaster grant 4699DR-CA, applicants are
permitted to allocate up to 5% of total disaster project costs for indirect, administrative, and project
management related expenditures. The District has opted out of utilizing the 10% de minimis indirect cost
rate. The 5% allocation specifically applies to the 2024 revenue period. The District met the 5%
administrative cost threshold during the grant period in 2023, which resulted in an additional submission
of $73,709, under a separate Category Z project related to this disaster grant. As these costs remained
under review by the State and had not been approved or obligated by FEMA until July 2024, the District
has excluded them from its 2023 financial statements. Accordingly, revenue recognition for these costs
will be recorded prospectively in fiscal year 2024.
Title: NOTE 5 – ASSISTANCE LISTING NUMBER
Accounting Policies: The accompanying SEFA is presented using the accrual basis of accounting, which is described in Note 1
of the notes to the District’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Under Federal Emergency Management Agency (FEMA) disaster grant 4699DR-CA, applicants are
permitted to allocate up to 5% of total disaster project costs for indirect, administrative, and project
management related expenditures. The District has opted out of utilizing the 10% de minimis indirect cost
rate. The 5% allocation specifically applies to the 2024 revenue period. The District met the 5%
administrative cost threshold during the grant period in 2023, which resulted in an additional submission
of $73,709, under a separate Category Z project related to this disaster grant. As these costs remained
under review by the State and had not been approved or obligated by FEMA until July 2024, the District
has excluded them from its 2023 financial statements. Accordingly, revenue recognition for these costs
will be recorded prospectively in fiscal year 2024.
The assistance listing numbers, included in the accompanying SEFA, were determined based on the
program name, review of the grant, or contract information. Assistance listing numbers are maintained on
SAM.gov.