Notes to SEFA
Title: NOTE 3 – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported in the Schedule are reported on the accrual basis of accounting. Such expenditures are
recognized following the 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 may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Parkersburg Utility Board has elected not to use the 10% de minimus indirect cost rate allowed under Section
200.414 of the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of the
Parkersburg Utility Board under programs of the federal government for the year ended June 30, 2024. The
information on the Schedule is prepared 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 operations of the
Parkersburg Utility Board, it is not intended to and does not present the financial position, changes in financial
position, or cash flows of the Parkersburg Utility Board.