Notes to SEFA
Title: 1
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: GSWSA did not use the de Minimis indirect cost rate.
SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The Schedule of Expenditures of Federal Awards is prepared using the accrual basis of accounting.
Program Type Determination
Type A programs are defined as federal programs with federal expenditures exceeding $750,000.
The threshold of $750,000 was used in distinguishing between Type A and Type B programs.
Method of Major Program Selection
The risk-based approach was used in the selection of federal programs to be tested as major
programs. GSWSA qualified as a low-risk auditee for the fiscal year ended June 30, 2024.
De Minimis Indirect Cost Rate
GSWSA did not use the de Minimis indirect cost rate.
100