Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Accrual Basis of Accounting (GAAP)
De Minimis Rate Used: N
Rate Explanation: NO INDIRECT COSTS REPORTED
The accoumpanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of Sandy Hook Water District under programs of the federal government for the year ended December 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 (Uniflorm Guidance). Because the Schedule presents only a selected portion of the operations of Sandy Hook Water District, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Sandy Hook Water District.
Title: Summary of Significant Accounting Policies
Accounting Policies: Accrual Basis of Accounting (GAAP)
De Minimis Rate Used: N
Rate Explanation: NO INDIRECT COSTS REPORTED
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Accrual Basis of Accounting (GAAP)
De Minimis Rate Used: N
Rate Explanation: NO INDIRECT COSTS REPORTED
Sandy Hook Water District does not use the 15-percent de minimus cost rate.