Notes to SEFA
Title: Summary of Significant Accounting Policies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Under the accrual basis of accounting, expenditures are recognized when the related liability is incurred. In instances where the grant agreement requires the Authority to match grant awards with local funds, such matching funds are excluded in the accompanying Schedule of Expenditures of Federal Awards. Federal grant programs which are administered through State agencies (pass-through awards) have been included in this report. These programs are operated according to Federal regulations promulgated by the Federal agency providing the funding.
De Minimis Rate Used: N
Rate Explanation: The Lumpkin County Water and Sewerage Authority did not utilize the 10% de minimus indirect cost rate permitted by the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Under the accrual basis of accounting, expenditures are recognized when the related liability is incurred. In instances where the grant agreement requires the Authority to match grant awards with local funds, such matching funds are excluded in the accompanying Schedule of Expenditures of Federal Awards.
Federal grant programs which are administered through State agencies (pass-through awards) have been included in this report. These programs are operated according to Federal regulations promulgated by the Federal agency providing the funding. The Authority did not pass any federal awards through to subrecipients.
Title: Indirect Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting. Under the accrual basis of accounting, expenditures are recognized when the related liability is incurred. In instances where the grant agreement requires the Authority to match grant awards with local funds, such matching funds are excluded in the accompanying Schedule of Expenditures of Federal Awards. Federal grant programs which are administered through State agencies (pass-through awards) have been included in this report. These programs are operated according to Federal regulations promulgated by the Federal agency providing the funding.
De Minimis Rate Used: N
Rate Explanation: The Lumpkin County Water and Sewerage Authority did not utilize the 10% de minimus indirect cost rate permitted by the Uniform Guidance.
The Lumpkin County Water and Sewerage Authority did not utilize the 10% de minimus indirect cost rate permitted by the Uniform Guidance.