Audit 322542

Title: Basis of Presentation Accounting Policies: This schedule of federal awards includes the federal program activity of Mount Olive Water Association, Inc. and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles containted in the Uniform guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Mount Olive Water Association, Inc. does not charge indirect cost rates and charges 100% of their costs directly. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Mount Olive Water Association, Inc. under programs of the federal governments for the year ended February 28, 2024. 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 Principals, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Mount Olive Water Association, Inc., it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.

Title: Federal Awards Passed Through to Subrecipients Accounting Policies: This schedule of federal awards includes the federal program activity of Mount Olive Water Association, Inc. and is presented on the accrual basis of accounting. Such expenditures are recognized following the cost principles containted in the Uniform guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: Mount Olive Water Association, Inc. does not charge indirect cost rates and charges 100% of their costs directly. No federal assistance has been provided to a subrecipient.