Notes to SEFA
The accompanying schedule of expenditures of federal awards includes the federal activity of Rural Water District No. 1 of Lancaster County, Nebraska under programs of the federal government for the year ended December 31, 2024. 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 Rural Water District No. 1 of Lancaster County, Nebraska, it is not intended to and does not present the financial position, changes in net position, or cash flows of Rural Water District No. 1 of Lancaster County.
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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. The Rural Water District No. 1 of Lancaster County, Nebraska has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Rural Water District No. 1 of Lancaster County, Nebraska, for purposes of the Schedule of Expenditures of Federal Awards, includes all funds for which the Rural Water District No. 1 of Lancaster County is financially accountable.
The District receives funds under various federal grant programs and such assistance is to be expended in accordance with the provisions of the various grants. Compliance with the grants is subject to audit by various government agencies which may impose sanctions in the event of noncompliance. Management believes that they have complied with all aspects of the various grant provisions and the results of adjustments, if any, relating to such audits would not have a material financial impact.