Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: Note 2 Accounting Policies: Expenditures for direct cost are recognized as incurred using the accrual method of accoutning and the cost accounting principles contained in the Uniform Guidance. Under these cost principles certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Actual costs incurred were used.
The accompanying schedule of expenditures of federal awards summarizes the expenditures of the Commission under programs of the federal government for the year ended June 30, 2024 and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the provisions of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the “Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the consolidated financial statements.
Title: Note 2 Accounting Principles
Accounting Policies: Note 2 Accounting Policies: Expenditures for direct cost are recognized as incurred using the accrual method of accoutning and the cost accounting principles contained in the Uniform Guidance. Under these cost principles certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Actual costs incurred were used.
Expenditures for direct cost are recognized as incurred using the accrual method of accounting and the cost accounting principles contained in the Uniform Guidance Under these cost principles certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 3 Indirect Cost Rate
Accounting Policies: Note 2 Accounting Policies: Expenditures for direct cost are recognized as incurred using the accrual method of accoutning and the cost accounting principles contained in the Uniform Guidance. Under these cost principles certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Actual costs incurred were used.
The Commission did not elect to use the 10% de minimis cost rate under Title 2 U.S. CFR Part 200, Subpart E, Cost Principles.
Title: Note 4 Outstanding Loans
Accounting Policies: Note 2 Accounting Policies: Expenditures for direct cost are recognized as incurred using the accrual method of accoutning and the cost accounting principles contained in the Uniform Guidance. Under these cost principles certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Actual costs incurred were used.
The federal program grant / loan for Drinking Water State Revolving Loan Fund is funded by two loans. The outstanding balance of loan funds for this program at June 30, 2024 was $2,104,532.