Notes to SEFA
Title: Basis of presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the full accrual basis of accounting, which is described in Note 1 of the notes to the District’s financial statements. 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 District has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance but did not charge any indirect costs to federal grants during fiscal year ended June 30, 2024.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Goleta Water District (the District) under programs of the federal government for the year ended June 30, 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 the District, it is not intended to and does not present the financial statements of the District. The District’s reporting entity is defined in Note 1 of the notes to
the District’s financial statements.
Title: Summary of significant accounting policies
Accounting Policies: Expenditures reported on the Schedule are reported on the full accrual basis of accounting, which is described in Note 1 of the notes to the District’s financial statements. 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 District has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance but did not charge any indirect costs to federal grants during fiscal year ended June 30, 2024.
Expenditures reported on the Schedule are reported on the full accrual basis of accounting, which is described in Note 1 of the notes to the District’s financial statements. 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.
Title: Indirect cost rate
Accounting Policies: Expenditures reported on the Schedule are reported on the full accrual basis of accounting, which is described in Note 1 of the notes to the District’s financial statements. 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 District has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance but did not charge any indirect costs to federal grants during fiscal year ended June 30, 2024.
The District has elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance but did not charge any indirect costs to federal grants during fiscal year ended June 30, 2024.