Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Village's financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
For purposes of charging indirect costs to federal awards, the Village has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the Village has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Village of Elberta (the “Village”) under programs of the federal government for the year ended February 29, 2024. 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 the Village, it is not intended to and does not present the financial position, changes in net position or cash flows of the Village.
The Village’s reporting entity is defined in Note 1 of the Village’s Audited Financial Statements.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Village's financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
For purposes of charging indirect costs to federal awards, the Village has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the Village has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Village's financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
For purposes of charging indirect costs to federal awards, the Village has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
Title: NOTE 3 - RECONCILIATION TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Village's financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
For purposes of charging indirect costs to federal awards, the Village has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the Village has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
The Village reported the following within the basic financial statements, which reconciles with federal expenditures as reported in the schedule: see page 51 of the pdf or page 49 of the audit report for the table.
Title: NOTE 4 - BALANCE OF USDA BONDS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is described in Note 1 to the Village's financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available.
For purposes of charging indirect costs to federal awards, the Village has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: For purposes of charging indirect costs to federal awards, the Village has not elected to use the 10 percent de minimis cost rate as permitted by §200.414 of the Uniform Guidance.
The following schedule shows beginning balances, value of new USDA bonds received, and bond repayments for all USDA bonds payable: see page 52 of the pdf or page 50 of the audit report for the table.
The Village has issued several series of bonds under the Water and Waste Disposal Systems for Rural Communities program, which is funded through the United States Department of Agriculture (USDA). These bonds were issued to finance improvements to the Village’s water supply system, including construction, renovation, and maintenance activities. The following is a summary of each series of bonds issued under this program:
Water Supply System Revenue Bond, Series 2017A
• Purpose: Issued to finance the initial phase of the water system improvements, focusing on critical infrastructure upgrades to ensure the reliability and safety of the water supply.
• Assistance Listing Number (ALN): 10.760
Water Supply System Revenue Bond, Series 2018A and 2018B
• Purpose: The 2018 bonds were also issued to finance improvements to the water supply system, including enhancements to the infrastructure, addressing aging components, and ensuring compliance with environmental and safety standards.
• Assistance Listing Number (ALN): 10.760
Water Supply System Revenue Bond, Series 2022A
• Purpose: Issued to fund significant improvements to the Village's water supply system, including infrastructure enhancements to ensure system reliability and regulatory compliance.
• Assistance Listing Number (ALN): 10.760
These bonds are repaid through the net revenues generated by the Village's water supply system. The Village is required to maintain sufficient revenues to cover both the operational costs and the debt service payments associated with these bonds. The USDA oversees the compliance requirements associated with these bonds under ALN 10.760.