Audit 357150

Title: Note 1 Purpose of the Schedule Accounting Policies: Basis of Presentation, Federal financial assistance, Reporting Entity, Revenue and expense recognition De Minimis Rate Used: N Rate Explanation: Does not utlize the 10 percent de minimis rate for overhead allocation The accompanying schedule of expenditures of federal awards (the Schedule) is a supplementary schedule to the consolidated financial statements of Turlock Irrigation District (the District), and is presented for purposes of additional analysis. Because the Schedule presents only selected portion activities of the District, it is not intended to, and does not present either the consolidated financial position, consolidated changes in net position or operating revenues and expenses of the District.

Title: Note 2 Summary of Significant Accounting Policies Accounting Policies: Basis of Presentation, Federal financial assistance, Reporting Entity, Revenue and expense recognition De Minimis Rate Used: N Rate Explanation: Does not utlize the 10 percent de minimis rate for overhead allocation Basis of presentation – The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal financial assistance – Pursuant to the Uniform Guidance, federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, or direct appropriations. Non-monetary assistance is included in the Schedule, if applicable. Federal financial assistance does not include direct federal cash assistance to individuals, or solicited contracts between the state and federal government through which the federal government procures tangible goods or services are not considered to be federal financial assistance. Reporting entity – The reporting entity is fully described in Note 1 of the consolidated financial statements (incorporated by reference only). Additionally, the Schedule includes all federal programs administered by the District for the year ended December 31, 2023. Revenue and expense recognition – As in the consolidated financial statements, the receipt and Revenue and expense recognition – As in the consolidated financial statements, the receipt and measurement focus to determine financial position, and change in financial position. The accounting principles used are similar to those applicable in businesses in the private sector and are maintained on the accrual basis of accounting. Revenues are recognized when earned, and expenses are recognized when incurred. Grantor agency guidelines require that the entire amount of the assistance be recognizedon the Schedule in the year the award was appropriated. The District does not utilize the 10 percent de minimis rate for overhead allocation. No money was passed through to subrecipients.