Audit 352583

Accounting Policies: 1. SIGNIFICANT ACCOUNTING POLICIES Organization The accompanying Schedule of Expenditures of Federal Awards represents all Federal awards administered by the Mohawk Valley Water Authority. The Water Authority’s organization is defined in Note 1 to the Water Authority’s basic financial statements. Basis of Accounting The expenditures in the accompanying schedule are presented on an 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 Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements Indirect Cost Rate The Water Authority has not elected to use the 10% de minimis indirect cost rate. De Minimis Rate Used: N Rate Explanation: Indirect Cost Rate The Water Authority has not elected to use the 10% de minimis indirect cost rate.