Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Boistfort Valley Water (the Organization) under programs of the federal government for the year ended December 31, 2024. 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 (the Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of the basic financial statements.
Expenditures of federal awards are recognized on the accrual basis of accounting. Such expenditures are recognized following the cost principals contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited in reimbursement. The Organization has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Organization did not pass-through any funds to subrecipients during the year ended December 31, 2024.
The outstanding balance of the loan and loan guarantee programs at December 31, 2024, with continuing compliance requirements that are reported as federal expenditures on the accompanying Schedule of Expenditures of Federals Awards, was $1,468,496.