Notes to SEFA
Title: NOTE A - BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. Generally Accepted Accounting Principles.
De Minimis Rate Used: N
Rate Explanation: The Charles Town Utility Board does not use the 10% de minimis indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Charles Town Utility Board under programs of the federal government for the year ended June 30, 2024. Because the Schedule presents only a selected portion of the operations of the Charles Town Utility Board, it is not intended to and does not present either the financial position or changes in net position of the Charles Town Utility Board.
Title: NOTE B - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. Generally Accepted Accounting Principles.
De Minimis Rate Used: N
Rate Explanation: The Charles Town Utility Board does not use the 10% de minimis indirect cost rate.
Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. Generally Accepted Accounting Principles.
Title: NOTE C - PASS-THROUGH ENTITIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. Generally Accepted Accounting Principles.
De Minimis Rate Used: N
Rate Explanation: The Charles Town Utility Board does not use the 10% de minimis indirect cost rate.
Certain federal awards are received through federal or state pass-through entities.
Title: NOTE D - INDIRECT COST RA TE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting in accordance with U.S. Generally Accepted Accounting Principles.
De Minimis Rate Used: N
Rate Explanation: The Charles Town Utility Board does not use the 10% de minimis indirect cost rate.
The Charles Town Utility Board does not use the 10% de minim is indirect cost rate. The Board does not charge indirect expenses to federal grants.