Notes to SEFA
Title: Reporting Entity
Accounting Policies: Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements, regardless of the measurement focus applied. The proprietary funds are accounted for using the accrual basis of accounting. Expenditures of Federal Awards reported on the Schedule are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedule of Expenditure Federal Awards (the Schedule) includes expenditures of federal awards for the Silicon Valley Clean Water (SVCW), California.