Notes to SEFA
Title: Note 1: 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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Commission did not elect to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Shelbyville Municipal Water and Sewer Commission and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in, or used in the preparation of, the basic financial statements may differ from these numbers.
Title: Note 2: Indirect Cost Rates
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Commission did not elect to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance
The Commission did not elect to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance.
Title: Note 3: Pass-through Grantor
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 the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Commission did not elect to use the 10 percent de minimis cost rate as allowed under the Uniform Guidance
Kentucky Infrastructure Authority