Notes to SEFA
Title: Basis of Presentation
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the de minimis cost rate because they only request direct costs for reimbursement.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Western Virginia Water Authority under programs of the federal government for the year ended June 30, 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 Principles, and Audit Requirements for Federal Awards, (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Western Virginia Water Authority , it is not intended to and does not present the financial position, changes in net position or cash flows of the Western Virginia Water Authority.
Title: Relationship to Financial Statements
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the de minimis cost rate because they only request direct costs for reimbursement.
Federal expenditures, revenues, and capital contributions are reported in the Authority's basic financial as follows: Capital Contributions per Financial Statements $16,826,871 Less: Non-federal contributions (12,389,800) Federal loan proceeds 748,735 Federal expenditures per the Schedule of Expenditures of Federal Awards $5,185,806
Title: Subrecipients
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the de minimis cost rate because they only request direct costs for reimbursement.
The Authority did not have any subrecipients for the year ended June 30, 2024
Title: Oustanding Balance of Federal Awards
Accounting Policies: (1) Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. (2) Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the de minimis cost rate because they only request direct costs for reimbursement.
The Authority has not received any federal funding through loans