Notes to SEFA
Title: NOTE A - GENERAL
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in the Notes to the Association’s financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Association allocates indirect costs monthly based on the direct cost of each program divided by total direct costs. This is the approved allocation method with The National Water Association.
The accompanying schedule of expenditures of federal awards present the activity of all federal awards of the Association. The Association is defined in Note A of the Notes to the Financial Statements. All federal awards received directly from the federal agencies, as well as federal awards passed through other government agencies are included on the schedule of expenditures of federal awards.
Title: NOTE B - BASIS OF ACCOUNTING
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in the Notes to the Association’s financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Association allocates indirect costs monthly based on the direct cost of each program divided by total direct costs. This is the approved allocation method with The National Water Association.
The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in the Notes to the Association’s financial statements.
Title: NOTE C - RELATIONSHIP TO THE FINANCIAL STATEMENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in the Notes to the Association’s financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Association allocates indirect costs monthly based on the direct cost of each program divided by total direct costs. This is the approved allocation method with The National Water Association.
Amounts reported in the accompanying schedule agree with amounts reported in the Association's financial statements. Financial assistance revenues are reported in the Association’s financial statements on a GAAP basis as follows: SEE THE NOTES TO SEFA FOR CHART/TABLE
Title: NOTE D - RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in the Notes to the Association’s financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Association allocates indirect costs monthly based on the direct cost of each program divided by total direct costs. This is the approved allocation method with The National Water Association.
Amounts reported in the accompanying schedule agree with the amounts reported in the related federal financial reports.
Title: NOTE E – INDIRECT COST RATES
Accounting Policies: The accompanying schedule of expenditures of federal awards is presented using the accrual basis of accounting. This basis of accounting is described in the Notes to the Association’s financial statements.
De Minimis Rate Used: Y
Rate Explanation: The Association allocates indirect costs monthly based on the direct cost of each program divided by total direct costs. This is the approved allocation method with The National Water Association.
The Association allocates indirect costs monthly based on the direct cost of each program divided by total direct costs. This is the approved allocation method with The National Water Association.