Title: Basis of Accounting
Accounting Policies: The accompanying Schedule presents the activity of all federal financial assistance programs of the District. Federal financial assistance passed through the California State Water Resources Control Board is included in the Schedule. The Schedule was prepared only from the accounts of various grant programs and, therefore, does not present the financial position or results of operations of the District. Expenditures reported on the Schedule are reported on the full accrual basis of accounting, which include expenditures incurred in amount of $5,505,962 during the fiscal year ended June 30, 2023. 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 not elected to use the 10-percent de minimis indirect rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of 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 po District, it is not intended to and does not present the financial statements of the District.
Title: Subrecipients
Accounting Policies: The accompanying Schedule presents the activity of all federal financial assistance programs of the District. Federal financial assistance passed through the California State Water Resources Control Board is included in the Schedule. The Schedule was prepared only from the accounts of various grant programs and, therefore, does not present the financial position or results of operations of the District. Expenditures reported on the Schedule are reported on the full accrual basis of accounting, which include expenditures incurred in amount of $5,505,962 during the fiscal year ended June 30, 2023. 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 not elected to use the 10-percent de minimis indirect rate as allowed under the Uniform Guidance.
During the fiscal year ended June 30, 2024, there were no amounts provided to subrecipients.
Title: Loan Balance
Accounting Policies: The accompanying Schedule presents the activity of all federal financial assistance programs of the District. Federal financial assistance passed through the California State Water Resources Control Board is included in the Schedule. The Schedule was prepared only from the accounts of various grant programs and, therefore, does not present the financial position or results of operations of the District. Expenditures reported on the Schedule are reported on the full accrual basis of accounting, which include expenditures incurred in amount of $5,505,962 during the fiscal year ended June 30, 2023. 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 not elected to use the 10-percent de minimis indirect rate as allowed under the Uniform Guidance.
As of fiscal year ended June 30, 2024, the District received $18.5 million. The project is expected be completed by December 31, 2025. Payments will begin in fiscal year 2026 and the loan is expected to be repaid by 2055. Payments are calculated using the annual interest rate of 1.1%. As of June 30, 2024, the outstanding balance of the financing was $18,530,858.