Notes to SEFA
Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures reported in the schedule are reported on the modified cash basis of accounting, except for
subrecipient expenditures, which are recorded on the cash basis. When applicable 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.
De Minimis Rate Used: N
Rate Explanation: Garrison Diversion Conservancy District has not elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards - modified cash basis (the schedule) includes the
federal award activity of Garrison Diversion Conservancy District, under programs of the federal government for
the year ended December 31, 2023. The information 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 operations of Garrison Diversion Conservancy District, it is not intended to and does not present the
financial position, changes in net position or fund balance of Garrison Diversion Conservancy District.
Title: Note 4 - Note 4 - Loan Programs
Accounting Policies: Expenditures reported in the schedule are reported on the modified cash basis of accounting, except for
subrecipient expenditures, which are recorded on the cash basis. When applicable 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.
De Minimis Rate Used: N
Rate Explanation: Garrison Diversion Conservancy District has not elected to use the 10% de minimis cost rate.
Expenditures reported in the schedule for the Capitalization Grants for Clean Water - State Revolving Fund (SRF)
(Federal Financial Assistance # 66.458) consist of loan advances made during the year. The outstanding balance
at December 31, 2024, was $790,459.