Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the SEFA, if any, represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10-percent indirect cost rate allowed under the Uniform Guidance as the entity has a negotiated rate with the U.S. Environmental Protection Agency.
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal award activity of the Southern California Coastal Water Research Project Authority (the Authority) under federal programs of federal government for the year ended June 30, 2024. The information in this SEFA is presented in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the SEFA presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position or changes in net position of the Authority.