Title: Note A-Basis of Presentation
Accounting Policies: The SEFA is prepared on the modified cash basis of accounting, which is a basis of accounting other than generally accepted accounting principles. Under the modified cash basis, expenditures are recognized when paid, except for material encumbrances and payables, which may be recorded as expenditures when incurred.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (SEFA) includes the federal grant activity of Garfield County Rural Water District #6 (the District) under programs of the federal government for the fiscal year ended July 31, 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 operation of Garfield County Rural Water District #6, it is not intended to and does not present the financial position, changes in net position, or cash flows of the District.
Title: Note B-Basis of Accounting
Accounting Policies: The SEFA is prepared on the modified cash basis of accounting, which is a basis of accounting other than generally accepted accounting principles. Under the modified cash basis, expenditures are recognized when paid, except for material encumbrances and payables, which may be recorded as expenditures when incurred.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The SEFA is prepared on the modified cash basis of accounting, which is a basis of accounting other than generally accepted accounting principles. Under the modified cash basis, expenditures are recognized when paid, except for material encumbrances and payables, which may be recorded as expenditures when incurred.
Title: Note C-Indirect Cost Rate
Accounting Policies: The SEFA is prepared on the modified cash basis of accounting, which is a basis of accounting other than generally accepted accounting principles. Under the modified cash basis, expenditures are recognized when paid, except for material encumbrances and payables, which may be recorded as expenditures when incurred.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note D-Loans Outstanding
Accounting Policies: The SEFA is prepared on the modified cash basis of accounting, which is a basis of accounting other than generally accepted accounting principles. Under the modified cash basis, expenditures are recognized when paid, except for material encumbrances and payables, which may be recorded as expenditures when incurred.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The District entered into a loan agreement during the fiscal year with the Oklahoma Water Resources Board under the Drinking Water State Revolving Fund Program (ALN 66.468). During the fiscal year ended July 31, 2024, federal expenditures totaling $1,524,868 were recognized due to loan forgiveness under the program. The original loan amount was $2,240,000. At July 31, 2024, the remaining principal balance outstanding under the loan agreement was approximately $715,132. In accordance with 2 CFR 200.502(b) and 2 CFR 200.510(b)(6), the amount forgiven is reported as federal expenditures in the current year, and the outstanding balance is disclosed in these notes.
Title: Note E-Subrecipients
Accounting Policies: The SEFA is prepared on the modified cash basis of accounting, which is a basis of accounting other than generally accepted accounting principles. Under the modified cash basis, expenditures are recognized when paid, except for material encumbrances and payables, which may be recorded as expenditures when incurred.
De Minimis Rate Used: N
Rate Explanation: The District has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The District did not pass any federal funds through to subrecipients during the fiscal year ended July 31, 2024.