Notes to SEFA
Title: Note 3
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Bear Butte Valley Water, Inc. under programs of the federal government for the year ended December 31, 2024. Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Such expenditures are recognized following the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) , wherein certain types of expenditures are not allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Bear Butte Valley Water, Inc. has not elected to use the 10% de minimis cost rate.
During the year ended December 31, 2024, there were no amounts passed through to sub-recipients.