Notes to SEFA
Title: Description
Accounting Policies: The financial activity shown on the Schedule of Expenditures of Federal Awards reflects amounts recorded by the System during its fiscal year October 1, 2023 through September 30, 2024 and accordingly, does not include a full year’s financial activity for grants awarded or terminated on dates not coinciding with the System’s fiscal year. The System reports these on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The System has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Lowcountry Regional Water System (the “System”) has adopted Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards were adopted to fulfill the financial and compliance audit requirements of federal grantor agencies. For purposes of implementing Uniform Guidance, federal grant and loan awards were made susceptible to audit and are included in the Schedule of Expenditures of Federal Awards.