Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: 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 or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. The District has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The District provided no federal funds to subrecipients during the year.
De Minimis Rate Used: N
Rate Explanation: District does not use an indirect cost rate
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal grant activity of the Dorchester County Sanitary District, Inc. under programs of the federal government for the year ended June 30, 2023. The information presented in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). 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 assets, or cash flows of the
District.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: 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 or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. The District has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The District provided no federal funds to subrecipients during the year.
De Minimis Rate Used: N
Rate Explanation: District does not use an indirect cost rate
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 or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. The District has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The District provided no federal funds to subrecipients during the year.
Title: LOANS
Accounting Policies: 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 or are limited as to reimbursement. Pass-through entity identifying numbers are presented where available. The District has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance. The District provided no federal funds to subrecipients during the year.
De Minimis Rate Used: N
Rate Explanation: District does not use an indirect cost rate
For purposes of the schedule of expenditures of Federal awards, the value of Federal expenditures in the form of loans is calculated as the sum of the balance of loans from previous years for which the Federal Government imposes continuing compliance requirements plus the value of new loans
received during the fiscal year. During 2023, the District has been awarded loans of $325,000 and $65,000 from the U.S. Department of Agriculture (USDA) for the Bonnie Brook Project. As of June 30, 2023, there was $386,483 of outstanding Federal loans with continuing compliance requirements for the Bonnie Brooke Project.