Notes to SEFA
Title: NOTE A
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The Water Association has elected not to use the 10% de-minimis indirect cost rate as allowed under the Uniform Guidance.
NOTE A - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of East Daviess County Water Association, Inc. 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 Part 200, Uniform Administrative Regulations, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance.) Because the Schedule presents only a selected portion of the operations of the Water Association, it is not intended to and does not present the financial position, activities, changes in net assets, or cash flows of the Water Association.
Title: NOTE B
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The Water Association has elected not to use the 10% de-minimis indirect cost rate as allowed under the Uniform Guidance.
NOTE B—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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.
Title: NOTE C
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The Water Association has elected not to use the 10% de-minimis indirect cost rate as allowed under the Uniform Guidance.
NOTE C – INDIRECT COST RATE
The Water Association has elected not to use the 10% de-minimis indirect cost rate as allowed under the Uniform Guidance.
Title: NOTE D
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The Water Association has elected not to use the 10% de-minimis indirect cost rate as allowed under the Uniform Guidance.
NOTE D - SUBRECIPIENTS
The Water Association did not provide any funds to subrecipients during the year ended December 31, 2024.