Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) presents the activity of
all federal awards programs of the Hoopa Valley Public Utilities District (the “District”), for the year ended
September 30, 2024. The information in the Schedule is presented in accordance with the requirements
of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The amounts presented in
the Schedule agree to the amounts presented in, or used in the preparation of, the basic financial
statements. Because the Schedule presents only a selected portion of the operations of the District, it is
not intended to and does not present the financial position, changes in net assets, or cash flows of the
District.
Title: Summary of Significant Accounting Policies
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The Schedule is presented using the accrual basis of accounting, the method used to prepare the
District’s basic financial statements. Note 1 of the District’s basic financial statements describes the
significant accounting policies used by the District. Such expenses are recognized following the cost
principles contained in the Uniform Guidance, wherein certain types of expenses are not allowable or are
limited to reimbursement.
Title: Subrecipients
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The District did not provide federal awards to subrecipients during the year ended September 30, 2024.
Title: Other Matters-Indirect Cost Rate
Accounting Policies: The significant accounting policies used in preparing the SEFA follow the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Not applicable
The District has elected not to use the 10% de minimis indirect cost rate as allowed under Uniform
Guidance.