Audit 334855

Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 allowed or are limited as to reimbursement. BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of Carroll’s Creek Water Authority, Inc., and is presented on the accrual basis of accounting. 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 Carroll’s Creek Water Authority, Inc., it is not intended to and does not present the financial position or changes in net position of the Carroll’s Creek Water Authority, Inc. De Minimis Rate Used: N Rate Explanation: The Authority did not elect to use the 10-percent de minimus indirect cost rate as allowed in the Uniform Guidance.