Title: NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: All federal grant operations of Maryland Water Infrastructure Financing Administration (the Administration) are included in the scope of Title 2 U.S. Code of Federal Regulations part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit).
Expenditures reported on the schedule of expenditures of federal awards (the Schedule) are reported in accordance with 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 are limited as to reimbursement. The Administration has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Administration has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Basis of Accounting
All federal grant operations of Maryland Water Infrastructure Financing Administration (the Administration) are included in the scope of Title 2 U.S. Code of Federal Regulations part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit).
Expenditures reported on the schedule of expenditures of federal awards (the Schedule) are reported in accordance with 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 are limited as to reimbursement. The Administration has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE 2: BASIS OF PRESENTATION
Accounting Policies: All federal grant operations of Maryland Water Infrastructure Financing Administration (the Administration) are included in the scope of Title 2 U.S. Code of Federal Regulations part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit).
Expenditures reported on the schedule of expenditures of federal awards (the Schedule) are reported in accordance with 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 are limited as to reimbursement. The Administration has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Administration has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule includes the federal award activity of the Administration under programs of the federal government for the year ended June 30, 2024, and is presented on the accrual basis of accounting. Because the Schedule presents only a selected portion of the operations of the Administration, it is not intended to and does not present the net position, changes in net position, or cash flows of the Administration.
Title: NOTE 3:
Accounting Policies: All federal grant operations of Maryland Water Infrastructure Financing Administration (the Administration) are included in the scope of Title 2 U.S. Code of Federal Regulations part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit).
Expenditures reported on the schedule of expenditures of federal awards (the Schedule) are reported in accordance with 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 are limited as to reimbursement. The Administration has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Administration has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The Administration has loans outstanding of $1,379,931,027 and $349,890,506 as of June 30, 2024, in the Clean Water Revolving Funds and Drinking Water Fund, respectively, which were made with federal funds and the 20% state match and other sources of funding. Loans made with federal funds during the fiscal year ended June 30, 2024 are listed below.
Title: NOTE 4:
Accounting Policies: All federal grant operations of Maryland Water Infrastructure Financing Administration (the Administration) are included in the scope of Title 2 U.S. Code of Federal Regulations part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Single Audit).
Expenditures reported on the schedule of expenditures of federal awards (the Schedule) are reported in accordance with 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 are limited as to reimbursement. The Administration has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Administration has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Listed below are the federal programs for the year ended June 30, 2024: