Title: Note 1 - Basis of Presentation
Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) of Peace River Manasota Regional Water Supply Authority (the Authority) have been designed to conform with generally accepted accounting principles, including reporting and compliance requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter 10.550, Rules of the Auditor General of the State of Florida. The schedule is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimis cost rate in 2024 as covered in 2 CFR 200.414.
The accounting policies and presentation of the accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) of Peace River Manasota Regional Water Supply Authority (the Authority) have been designed to conform with generally accepted accounting principles, including reporting and compliance requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter 10.550, Rules of the Auditor General of the State of Florida. The schedule is presented on the accrual basis of accounting.
Title: Note 2 - Reporting Entity
Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) of Peace River Manasota Regional Water Supply Authority (the Authority) have been designed to conform with generally accepted accounting principles, including reporting and compliance requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter 10.550, Rules of the Auditor General of the State of Florida. The schedule is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimis cost rate in 2024 as covered in 2 CFR 200.414.
The Authority's reporting entity is defined in Note 1 to the Authority's basic financial statements for the year ended September 30, 2024. All federal awards and state financial assistance received directly from federal or state agencies, as well as federal awards and state financial assistance passed through other governmental agencies, are included in this schedule.
Title: Note 3 - Contingencies
Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) of Peace River Manasota Regional Water Supply Authority (the Authority) have been designed to conform with generally accepted accounting principles, including reporting and compliance requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter 10.550, Rules of the Auditor General of the State of Florida. The schedule is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimis cost rate in 2024 as covered in 2 CFR 200.414.
Grant monies received and disbursed by the Authority are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to the disallowance of expenditures. Based upon prior experience, the Authority does not believe that such disallowances, if any, would have a material effect on the financial position of the Authority.
Title: Note 4 - Indirect Costs
Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) of Peace River Manasota Regional Water Supply Authority (the Authority) have been designed to conform with generally accepted accounting principles, including reporting and compliance requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter 10.550, Rules of the Auditor General of the State of Florida. The schedule is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimis cost rate in 2024 as covered in 2 CFR 200.414.
The Authority did not elect to use the 10% de minimis cost rate in 2024 as covered in 2 CFR 200.414.
Title: Note 5 - Disaster Public Assistance
Accounting Policies: The accounting policies and presentation of the accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) of Peace River Manasota Regional Water Supply Authority (the Authority) have been designed to conform with generally accepted accounting principles, including reporting and compliance requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter 10.550, Rules of the Auditor General of the State of Florida. The schedule is presented on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimis cost rate in 2024 as covered in 2 CFR 200.414.
Disaster funding received from the FEMA Public Assistance Program (AL 97.036) is based on Project Worksheets that outline the eligible expenses and the scope of the project. Expenditures recorded on this schedule are contingent on when funds are obliged and approved, and the Authority has incurred eligible expenditures. The schedule includes $451,091 of eligible expenditures that were incurred in prior years.