Title: Basis of Presentation and Significant Accounting Policies
Accounting Policies: Expenditures are reported on an accrual basis. Expenditures are recognized following the cost principles contained in the Uniform Guidance for state and local governments and indian tribal governments. Expenditures are recorded when the liability is incurred. Donated commodities, if received, are valued at their estimated fair value. No indirect costs were chartged to any federal programs.
De Minimis Rate Used: N
Rate Explanation: Not applied for federal indirect rate but have expended more than $35 million in federal funds, therefore are not allowed to assess the de minimis rate on federal programs.
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes activity of the Tualatin
Valley Water District (District) funded by the federal government for the year ended June 30, 2024. The
District’s reporting entity is defined in Note 1 to the District’s basic financial statements. The information in
the 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 District, it is not intended to and does not present the financial net position, changes in net position, nor
the cash flows of the District.
Expenditures reported in the SEFA are reported on the accrual basis of accounting. Such expenditures are
recognized following the cost principles contained in the Uniform Guidance for State, Local and Indian
Tribal Governments, where applicable, wherein certain types of expenditures are not allowable or are
limited as to reimbursement. Expenditures are recorded when the liability is incurred. If applicable, donated
commodities are valued at their estimated fair value.
Title: Indirect Cost Rate
Accounting Policies: Expenditures are reported on an accrual basis. Expenditures are recognized following the cost principles contained in the Uniform Guidance for state and local governments and indian tribal governments. Expenditures are recorded when the liability is incurred. Donated commodities, if received, are valued at their estimated fair value. No indirect costs were chartged to any federal programs.
De Minimis Rate Used: N
Rate Explanation: Not applied for federal indirect rate but have expended more than $35 million in federal funds, therefore are not allowed to assess the de minimis rate on federal programs.
The District has not elected to submit an indirect cost allocation plan, nor has it elected to use the ten
percent de minimis indirect cost rate as allowed under the Uniform Guidance. The District will not be
assessing such charges to any of the federally funded programs.
Title: Subricipients
Accounting Policies: Expenditures are reported on an accrual basis. Expenditures are recognized following the cost principles contained in the Uniform Guidance for state and local governments and indian tribal governments. Expenditures are recorded when the liability is incurred. Donated commodities, if received, are valued at their estimated fair value. No indirect costs were chartged to any federal programs.
De Minimis Rate Used: N
Rate Explanation: Not applied for federal indirect rate but have expended more than $35 million in federal funds, therefore are not allowed to assess the de minimis rate on federal programs.
The District did not pass-through federal financial assistance to any subrecipients.
Title: Federal Financial Assistance
Accounting Policies: Expenditures are reported on an accrual basis. Expenditures are recognized following the cost principles contained in the Uniform Guidance for state and local governments and indian tribal governments. Expenditures are recorded when the liability is incurred. Donated commodities, if received, are valued at their estimated fair value. No indirect costs were chartged to any federal programs.
De Minimis Rate Used: N
Rate Explanation: Not applied for federal indirect rate but have expended more than $35 million in federal funds, therefore are not allowed to assess the de minimis rate on federal programs.
Pursuant to Uniform Guidance, federal financial assistance is defined as assistance provided by a federal
agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan
guarantees, property, interest subsidies, insurance, direct appropriations or non-monetary federal
assistance such as federal surplus property. Federal financial assistance does not include direct federal
cash assistance to individuals.
Title: Federal Grants
Accounting Policies: Expenditures are reported on an accrual basis. Expenditures are recognized following the cost principles contained in the Uniform Guidance for state and local governments and indian tribal governments. Expenditures are recorded when the liability is incurred. Donated commodities, if received, are valued at their estimated fair value. No indirect costs were chartged to any federal programs.
De Minimis Rate Used: N
Rate Explanation: Not applied for federal indirect rate but have expended more than $35 million in federal funds, therefore are not allowed to assess the de minimis rate on federal programs.
The District was awarded a grant totaling $3,851,100 from FEMA, passed through from the Oregon
Department of Emergency Management. The grant is funding Taylors Ferry reservoirs and site seismic
improvements.
Title: Federal Loans
Accounting Policies: Expenditures are reported on an accrual basis. Expenditures are recognized following the cost principles contained in the Uniform Guidance for state and local governments and indian tribal governments. Expenditures are recorded when the liability is incurred. Donated commodities, if received, are valued at their estimated fair value. No indirect costs were chartged to any federal programs.
De Minimis Rate Used: N
Rate Explanation: Not applied for federal indirect rate but have expended more than $35 million in federal funds, therefore are not allowed to assess the de minimis rate on federal programs.
The District has received a WIFIA loan from the EPA totaling $387,748,990 to fund construction of the Willamette Water Supply System and other capital projects of the District. Federal expenditures of $144,106,518 were reported consisting of draws on the loan during FY2024 as shown in the table
below:
Capitalized
Principal Interest Total
Balance at June 30, 2023 $243,642,472 $2,043,206 $ 245,685,678
Distributions received
during theyear ended
June 30, 2024 144,106,518 4,023,413 148,129,931
Balance at June 30, 2024 $387,748,990 $6,066,619 $393,815,609