Notes to SEFA
Title: NOTE 1 – REPORTING ENTITY
Accounting Policies: Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements, regardless of the measurement focus applied. All proprietary and fiduciary funds are reported using the economic resources measurement focus and the accrual basis of accounting. Expenditures of Federal Awards reported on the Schedule are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Schedule of Expenditure of Federal Awards (the Schedule) includes expenditures of federal awards for the Contra Costa Water District (the District), California, and its component units as disclosed in the notes to the Basic Financial Statements.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements, regardless of the measurement focus applied. All proprietary and fiduciary funds are reported using the economic resources measurement focus and the accrual basis of accounting. Expenditures of Federal Awards reported on the Schedule are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements, regardless of the measurement focus applied. All proprietary and fiduciary funds are reported using the economic resources measurement focus and the accrual basis of accounting. Expenditures of Federal Awards reported on the Schedule are recognized when incurred.
Title: NOTE 3 – INDIRECT COST ELECTION
Accounting Policies: Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements, regardless of the measurement focus applied. All proprietary and fiduciary funds are reported using the economic resources measurement focus and the accrual basis of accounting. Expenditures of Federal Awards reported on the Schedule are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
Title: NOTE 4 – PRIOR YEAR ADJUSTMENTS
Accounting Policies: Basis of accounting refers to when revenues and expenditures or expenses are recognized in the accounts and reported in the financial statements, regardless of the measurement focus applied. All proprietary and fiduciary funds are reported using the economic resources measurement focus and the accrual basis of accounting. Expenditures of Federal Awards reported on the Schedule are recognized when incurred.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The prior year Schedule of Expenditures of Federal Awards included expenditures in the amount of $463,182 in excess of the federal portion of costs reimbursed to the District for the Department of the Interior – Water Storage Enhancement Program (AL# 15.574). This adjustment has been reflected in the current year Schedule of Expenditures of Federal Awards accordingly. In addition, the current year Schedule of Expenditures of Federal Awards includes expenditures in the amount of $478,558 for expenditures incurred in fiscal year 2023 that were awarded to the District in fiscal year 2024 for the Department of Homeland Security – Disaster Grants – Public Assistance (Presidentially Declared Disasters) Program (AL# 97.036).