Notes to SEFA
Title: NOTE A--BASIS OF PRESENTATION
Accounting Policies: The Commission expended funds for the Ershell Collins water tank project, the Elkins Road pump station force main project and the Dog Creek Phase II project. These expenditures are required to be considered as Federal Awards expended.
The Commission has not elected to use the 15 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 15 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The schedule of expenditures of federal awards includes the federal awards activity of Caryville-Jacksboro Utility Commission (the Commission) and is presented on the accrual basis of accounting. The information in the schedule of expeditures of federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in the schedule may differ from amounts presented in or used in the preparation of the basic financial statements.
Title: NOTE B--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The Commission expended funds for the Ershell Collins water tank project, the Elkins Road pump station force main project and the Dog Creek Phase II project. These expenditures are required to be considered as Federal Awards expended.
The Commission has not elected to use the 15 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The Commission has not elected to use the 15 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
The Commission expended funds for the Ershell Collins water tank project, the Elkins Road pump station force main project and the Dog Creek Phase II project. These expenditures are required to be considered as Federal Awards expended.
The Commission has not elected to use the 15 percent de minimus indirect cost rate as allowed under the Uniform Guidance.