Notes to SEFA
Title: Note 3: Reconciliation to Basic Financial Statements
Accounting Policies: Note 2: Summary of Significant Accounting Policies: The Schedule has been prepared using the accrual basis of accounting which is consistent with the basis of accounting used to prepare the Authoritys financial statements. Under the accrual basis of accounting, expenditures are recognized in the Schedule at the time that the Federal governments share of allowable costs are incurred in accordance with terms and conditions of each respective Federal award program. 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. The Authoritys share of allowable costs (matching costs) is not included in the accompanying Schedule.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use a 10% de minimis indirect cost rate provided for in the Uniform Guidance.
The following is a reconciliation of the total expenditures of federal awards reported in the Schedule to capital contributions reported on page 18 of the basic financial statements (in thousands). [please refer to page 71 of 77 in the reporting package for the reconciliation table).
Title: Note 1: Basis of Presentation
Accounting Policies: Note 2: Summary of Significant Accounting Policies: The Schedule has been prepared using the accrual basis of accounting which is consistent with the basis of accounting used to prepare the Authoritys financial statements. Under the accrual basis of accounting, expenditures are recognized in the Schedule at the time that the Federal governments share of allowable costs are incurred in accordance with terms and conditions of each respective Federal award program. 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. The Authoritys share of allowable costs (matching costs) is not included in the accompanying Schedule.
De Minimis Rate Used: N
Rate Explanation: The Authority has not elected to use a 10% de minimis indirect cost rate provided for in the Uniform Guidance.
The schedule of expenditures of federal awards (the Schedule) includes the activity of all federal award programs of the District of Columbia Water and Sewer Authority (theAuthority). The information in the Schedule is presented in accordance with requirements of Title 2 U.Ss. Code of Federal Regulations (CFR) 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 Authority, it is not intended to and does not present the financial position, changes in net position or cash flows of the Authority.