Notes to SEFA
Title: Note 1 - General
Accounting Policies: Basis of Accounting - The schedule of expenditures of federal awards is presented using the same basis of accounting and uses the same signficant accounting policies as the financial statements. These policies are described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: EMC Water Supply Corporation has elected not to use the 10 percent de minimis cost rate as allowed under Uniform Guidance.
The accompanying schedule of expenditures of federal awards is a summary of the activity of all federal award programs of EMC Water Supply Corporation for the year ended December 31, 2023.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Basis of Accounting - The schedule of expenditures of federal awards is presented using the same basis of accounting and uses the same signficant accounting policies as the financial statements. These policies are described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: EMC Water Supply Corporation has elected not to use the 10 percent de minimis cost rate as allowed under Uniform Guidance.
Basis of Accounting - The schedule of expenditures of federal awards is presented using the same basis of accounting and uses the same signficant accounting policies as the financial statements. These policies are described in the notes to the financial statements.
Title: Note 3 - Use of 10% De Minimus Cost Rate
Accounting Policies: Basis of Accounting - The schedule of expenditures of federal awards is presented using the same basis of accounting and uses the same signficant accounting policies as the financial statements. These policies are described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: EMC Water Supply Corporation has elected not to use the 10 percent de minimis cost rate as allowed under Uniform Guidance.
EMC Water Supply Corporation has elected not to use the 10 percent de minimis cost rate as allowed under Uniform Guidance.
Title: Note 4 - Relationship to Grant Financial Reports
Accounting Policies: Basis of Accounting - The schedule of expenditures of federal awards is presented using the same basis of accounting and uses the same signficant accounting policies as the financial statements. These policies are described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: EMC Water Supply Corporation has elected not to use the 10 percent de minimis cost rate as allowed under Uniform Guidance.
The amounts reported in the accompanying schedule may not agree with the amounts reported in the related grant financial reports filed with the grantor agencies due to the fact that the accompanying schedule represents activity for the twelve months ended December 31, 2023, while some grant reports are prepared monthly, quarterly or annually on a grant fiscal year end that is different.