Audit 358253

Title: Loan programs Accounting Policies: PURPOSE OF THE SCHEDULE The Uniform Guidance requires a Schedule of Expenditures of Federal Awards showing total expenditures for each federal award program as identified in the catalog of Federal Domestic Assistance (CFDA). SIGNIFICANT ACCOUNTING POLICIES 1. REPORTING ENTITY The accompanying schedule includes all federal award programs of Caribou Utilities District for the fiscal year ended December 31, 2024. The reporting entity is defined in the Notes to the Financial Statements of Caribou Utilities District. 2. BASIS OF PRESENTATION The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. a. Federal financial assistance is defined as assistance provided by federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. b. The Uniform Guidance establishes the level of expenditures to be used in defining major federal financial award programs. Major programs for the Organization have been identified in the Schedule of Findings and Questioned Costs. 3. BASIS OF ACCOUNTING The information presented in the Schedule of Expenditures of Federal Awards is presented on a basis consistent with the Organization’s general purpose financial statements. The grants included are all accounted for on a modified accrual basis of accounting which is described in the notes to the general-purpose financial statements. De Minimis Rate Used: N Rate Explanation: The District has not elected to use the 10% De Minimis Cost rate for the year ended December 31, 2024. 5. LOAN PROGRAMS The District received Drinking Water State Revolving Funds from the Maine Municipal Bond Bank. These funds are loans which include federal funds. As of December 31, 2024, the balances on these loans are as follows: 2023SBFBS 231,622 2023FBS 403,116 634,738 These loans do not carry any ongoing compliance requirements and will not appear on the District’s Schedule of Federal Awards in future years.