Notes to SEFA
Title: Basis for Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB 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. Also, the District has not elected to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: the District has not elected to use the 10% de minimus indirect cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Gaston Rural Community Water Disrict (District) under programs of the federal government for the year ended June 30, 2023. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget's (OMB) Uniform Guidance. Because the schedule presents only a selection portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
Title: Capitalization Grants for Drinking Water State Revolving Fund, CFDA No 66.468
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB 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. Also, the District has not elected to use the 10% de minimus indirect cost rate.
De Minimis Rate Used: N
Rate Explanation: the District has not elected to use the 10% de minimus indirect cost rate.
The outstanding balance on the Drinking Water State Revolving Fund loan at June 30, 2023 is $0. The zero balance due is based on the loan assistance payments received by the S.C. Rural Infrastructure Authority of $1,386,222 during the current fiscal year, which was a result of the principal forgiveness allowed under the state program.