Notes to SEFA
Title: BASIS FOR PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “schedule”) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: North Prairie Regional Water District has not elected to use the 10-percent de minmis cost rate as allowed under the Uniform Guidance.
This accompanying schedule includes the federal award activity of North Prairie Regional Water District under programs of the federal government for the year then 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of North Prairie Regional Water District, it is not intended to and does not present the financial position, change in net position, or cash flows of North Prairie Regional Water District.
Title: FINANCIAL STATEMENT RECONCILIATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the “schedule”) are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or limited to reimbursement.
De Minimis Rate Used: N
Rate Explanation: North Prairie Regional Water District has not elected to use the 10-percent de minmis cost rate as allowed under the Uniform Guidance.
SEE THE NOTES TO THE SEFA FOR THE CHART/TABLE.