Title: Basis of 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 Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Jennings Water, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal award activity of Jennings Water, Inc.
under programs of the federal government for the year ended December 31, 2024. The information in this schedule is
presented in accordance with 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). Because
the schedule presents only a selected portion of the operations of Jennings Water, Inc., it is not intended to and does not
present the financial position, changes in net assets, or cash flows of Jennings Water, Inc.
Title: Summary of Significant Policies
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Jennings Water, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized
following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
Title: Pass Through
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Jennings Water, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Jennings Water, Inc. does not pass-through any federal awards to sub-recipients.
Title: Loans and Loan Guarantees
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Jennings Water, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Jennings Water, Inc. did have loans outstanding at December 31, 2024. These loans are the utility’s only form of Federal
assistance. The balance of those loans at December 31, 2024 was:
Title: Indirect Cost Rate
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 Uniform Guidance, wherein certain types of expenditures are not allowable or are
limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Jennings Water, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Jennings Water, Inc. has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.