Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes federal financial assistance activity of the Big Bend Water Authority (Authority) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimis indirect cost rate as covered in §200.414, Indirect (F&A) costs, of the Uniform Guidance.
The Authority provided no federal awards to subrecipients during the year ended September 30, 2024.
Title: Contingency
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes federal financial assistance activity of the Big Bend Water Authority (Authority) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Because the Schedule presents only a selected portion of the operations of the Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Authority.
De Minimis Rate Used: N
Rate Explanation: The Authority did not elect to use the 10% de minimis indirect cost rate as covered in §200.414, Indirect (F&A) costs, of the Uniform Guidance.
Project expenditures are subject to audit and adjustment. If any expenditures were to be disallowed by the grantor agency as a result of such an audit, any claim for reimbursement to the grantor agency would become a liability of the Authority. In the opinion of management, all Project expenditures included on the accompanying schedule complied the terms of the project agreements and applicable federal and state laws and regulations.