Notes to SEFA
Title: Note B - Reconciliation to Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Paducah Water Works under programs of the federal government for the year ended June 30, 2024. 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, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Expenditures reported on the Schedule are reported on the accrual basis of accounting and are recognized following the cost principles contained in the Uniform Guidance. Some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Organization did not elect to use the 10.00% de minimis indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Total federal award expenditures per schedule $2,023,955 plus state grants $337,774 Total grant revenue per statement of revenues, expenses, and changes in net postion $2,361,729