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. The Association uses a provisional indirect cost rate method throughout the period pending the establishment of a final rate after actual indirect and direct costs are determined. The Association has elected not to use the 10% de minimis indirect costs rate allowed under the Uniform Guidance. The Association used an indirect cost rate of 14% to charge to federal awards, which was negotiated with the NRWA.
De Minimis Rate Used: N
Rate Explanation: The Association uses a negotiated rate to charge to federal awards.
The purpose of the Schedule of Expenditures of Federal Awards (the “Schedule”) is to present a summary of the activities of the Oklahoma Rural Water Association, Inc. and Subsidiary (collectively, the “Association”) for the year ended July 31, 2024, which have been financed by the U.S. Environmental Protection Agency and the U.S. Department of Agriculture’s Rural Utilities Service and Farm Service Agency through the National Rural Water Association, Inc. (NRWA) and U.S. Department of Energy and U.S. Department of Labor through Oklahoma Department of Commerce. The information in the 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 activities of the Association, it is not intended to, and does not, present the consolidated financial position, changes in net assets, or cash flows of the Association.
For purposes of the Schedule, federal awards include all grants and contracts the Association entered into directly with NRWA and pass through Oklahoma Department of Commerce.
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. The Association uses a provisional indirect cost rate method throughout the period pending the establishment of a final rate after actual indirect and direct costs are determined. The Association has elected not to use the 10% de minimis indirect costs rate allowed under the Uniform Guidance. The Association used an indirect cost rate of 14% to charge to federal awards, which was negotiated with the NRWA.
De Minimis Rate Used: N
Rate Explanation: The Association uses a negotiated rate to charge to federal awards.
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. The Association uses a provisional indirect cost rate method throughout the period pending the establishment of a final rate after actual indirect and direct costs are determined. The Association has elected not to use the 10% de minimis indirect costs rate allowed under the Uniform Guidance. The Association used an indirect cost rate of 14% to charge to federal awards, which was negotiated with the NRWA.
Title: Subrecipients
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. The Association uses a provisional indirect cost rate method throughout the period pending the establishment of a final rate after actual indirect and direct costs are determined. The Association has elected not to use the 10% de minimis indirect costs rate allowed under the Uniform Guidance. The Association used an indirect cost rate of 14% to charge to federal awards, which was negotiated with the NRWA.
De Minimis Rate Used: N
Rate Explanation: The Association uses a negotiated rate to charge to federal awards.
During the year ended July 31, 2024, the Association did not provide federal awards to subrecipients.
Title: Subsequent Events
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. The Association uses a provisional indirect cost rate method throughout the period pending the establishment of a final rate after actual indirect and direct costs are determined. The Association has elected not to use the 10% de minimis indirect costs rate allowed under the Uniform Guidance. The Association used an indirect cost rate of 14% to charge to federal awards, which was negotiated with the NRWA.
De Minimis Rate Used: N
Rate Explanation: The Association uses a negotiated rate to charge to federal awards.
The Association has evaluated the effects of all subsequent events from August 1, 2024, through June 16, 2025, the date the Schedule was available to be issued, for potential recognition or disclosure in this Schedule. The Association is not aware of any subsequent events which would require recognition or disclosure in the Schedule.