Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Generally Accepted Accounting Principles
De Minimis Rate Used: N
Rate Explanation: The District did not use the de minimis cost rate
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Horn Lake Creek Basin Interceptor Sewer District of DeSoto County, Mississippi 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 the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. 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 or changes in financial position of the district.
Title: Summary of Significant Accounting Policies
Accounting Policies: Generally Accepted Accounting Principles
De Minimis Rate Used: N
Rate Explanation: The District did not use the de minimis cost rate
Expenditures reported on the Schedule are reported on the basis of generally accepted accounting principles. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Indirect Cost Rate
Accounting Policies: Generally Accepted Accounting Principles
De Minimis Rate Used: N
Rate Explanation: The District did not use the de minimis cost rate
The District has not elected to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance