Audit 326161

Accounting Policies: Basis of Presentation The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of South Central Connecticut Regional Water Authority, under programs of the federal government for the year ended May 31, 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). Because the Schedule presents only a selected portion of the operations of South Central Connecticut Regional Water Authority, it is not intended to, and does not, present the financial position, changes in net position or cash flows of South Central Connecticut Regional Water Authority. Basis of Accounting Expenditures reported on the Schedule are reported using the full accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Under these principles certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The South Central Connecticut Regional Water Authority has elected not to use the 10% de minimis indirect cost rate provided under Section 200.414 of the Uniform Guidance.