Notes to SEFA
Title: Reporting Entity
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is consistent with the financial statements, as described in Note 1 to the Board’s December 31, 2024 financial statements. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Board does not utilize the 10 percent de minimis rate for overhead allocation
De Minimis Rate Used: N
Rate Explanation: The Board does not utilize the 10 percent de minimis rate for overhead allocation
Eugene Water & Electric Board (“Board”) is an administrative unit of the City of Eugene, Oregon. The Board is responsible for the ownership and operations of the electric and water systems.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is consistent with the financial statements, as described in Note 1 to the Board’s December 31, 2024 financial statements. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Board does not utilize the 10 percent de minimis rate for overhead allocation
De Minimis Rate Used: N
Rate Explanation: The Board does not utilize the 10 percent de minimis rate for overhead allocation
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes all federal grant activity of the Board, 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 (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because this Schedule presents only a selected portion of the operations of the Board, it is not intended to and does not present the financial position, changes in net position or cash flows of the Board.
Title: Summary of Significant Accounting Policies and Revenue and Expense Recognition
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is consistent with the financial statements, as described in Note 1 to the Board’s December 31, 2024 financial statements. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Board does not utilize the 10 percent de minimis rate for overhead allocation
De Minimis Rate Used: N
Rate Explanation: The Board does not utilize the 10 percent de minimis rate for overhead allocation
Expenditures reported on the Schedule are reported on the accrual basis of accounting, which is consistent with the financial statements, as described in Note 1 to the Board’s December 31, 2024 financial statements. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Board does not utilize the 10 percent de minimis rate for overhead allocation