Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A - direct costs only.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Hardinville Water Company under programs of the federal government for the year ended April 30, 2025. 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 operations of Hardinville Water Company, it is not intended to and does not present the financial position or changes in net assets of Hardinville Water Company.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A - direct costs only.
Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
Title: Water and Waste Disposal Systems
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A - direct costs only.
Federal expenditures include $1,050,254 of direct loan proceeds for water and waste disposal systems evidenced by promissory notes with the United States Department of Agriculture.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: N/A - direct costs only.
The Company has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.