Notes to SEFA
Title: Note 1: Basis of Presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
activity under programs of the Federal government during 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 Requirements, Cost Principles and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected
portion of the operation of the Utility, it is not intended to and does not present the financial position,
changes in net position or cash flows of the Utility.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform guidance, wherein
certain types of expenditures are not allowable and are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The use of a ten percent de minimis rate as allowed by the Uniform guidance is not applicable to the
Utility.
See Table on page 5
Title: Note 2: Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
activity under programs of the Federal government during 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 Requirements, Cost Principles and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected
portion of the operation of the Utility, it is not intended to and does not present the financial position,
changes in net position or cash flows of the Utility.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform guidance, wherein
certain types of expenditures are not allowable and are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The use of a ten percent de minimis rate as allowed by the Uniform guidance is not applicable to the
Utility.
See Table on page 5
Title: Note 4: Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal
activity under programs of the Federal government during 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 Requirements, Cost Principles and Audit
Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected
portion of the operation of the Utility, it is not intended to and does not present the financial position,
changes in net position or cash flows of the Utility.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform guidance, wherein
certain types of expenditures are not allowable and are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The use of a ten percent de minimis rate as allowed by the Uniform guidance is not applicable to the
Utility.
See Table on page 5