Notes to SEFA
Title: Note 1 Basis of Presentation
Accounting Policies: Modified cash
De Minimis Rate Used: N
Rate Explanation: All costs were direct costs.
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Arbuckle Master Conservancy District under programs of the federal government for the year ended June 30, 2025. The information in this Schedule is presented in accordance with the requirement 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 selected portions of the operations of Arbuckle Master Conservancy District, it is not intended to and does not present the financial position, or changes in financial positon and cash flows for the Arbuckle Master Conservancy District. The Schedule was prepared using the modified cash basis of accounting.
Title: Note 2 Summary of Significant Accounting Policies
Accounting Policies: Modified cash
De Minimis Rate Used: N
Rate Explanation: All costs were direct costs.
Expenditues report on the Schedule are reported on the modified cash basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance, wherein certain types of expenditure are not allowable are limited as to reimbursement.
Title: Note 3 Indirect Cost Rate
Accounting Policies: Modified cash
De Minimis Rate Used: N
Rate Explanation: All costs were direct costs.
The Arbuckle Master Conservancy District has not elected to use the 15% de minimis indirect cost rate allowed under the Uniform Guidance,