Title: Relationship to Basic Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (schedule) presents the expenditures of all federal awards programs of Capital Region Water (CRW) using the accrual basis of accounting. Expenditures reported on the schedule are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: CRW has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, CRW’s basic financial statements.
Title: Determination of Federal Expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards (schedule) presents the expenditures of all federal awards programs of Capital Region Water (CRW) using the accrual basis of accounting. Expenditures reported on the schedule are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: CRW has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The amount of federal expenditures for the Environmental Protection Agency loans represents the expenditures incurred under the loans during the year ended December 31, 2023. The Environmental Protection Agency requires that the current year expenditures incurred under the loans be reported on the schedule rather than the beginning balance of the loans.
Title: Reconciliation of PENNVEST Draws and Expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards (schedule) presents the expenditures of all federal awards programs of Capital Region Water (CRW) using the accrual basis of accounting. Expenditures reported on the schedule are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).
De Minimis Rate Used: N
Rate Explanation: CRW has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The following is a reconciliation of the draws made during the year ended December 31, 2023 to the total expenditures, as presented on the schedule for loan 72819: Draws received during the year ended December 31, 2023 $3,640,592; Retainage payable as of December 31, 2023 36,377; State funding received during year ended December 31, 2023 ($434,692); Expenditures paid prior to year ended December 31, 2022, draw received subsequent to December 31, 2022 ($572,454); Expenditures paid prior to year ended December 31, 2023, draw received subsequent to December 31, 2023 $1,058,073; Current year expenditures, as reported on the Schedule of Federal Awards $3,727,896. The balance of the loan outstanding as of December 31, 2023 was $6,324,750.
The following is a reconciliation of the draws made during the year ended December 31, 2023 to the total expenditures, as presented on the schedule for loan 71449: Draws received during year ended December 31, 2023 $2,731,173; Retainage payable as of December 31, 2023 $82,555; State funding received during year ended December 31, 2023 ($180,878); Expenditures paid prior to year ended December 31, 2023, draw received subsequent to December 31, 2023 $891,499; Current year expenditures, as reported on the Schedule of Expenditures of Federal Awards $3,524,349. The balance of the loan outstanding as of December 31, 2023 was $6,023,430.