Notes to SEFA
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of Wheeler Frankstown Water Association, Inc. (the “Association”) 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 the Association, it is not intended to and does not present the financial position, results of its operations, or cash flows of the Association.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Association has elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
During the year ended December 31, 2024, the Association incurred a loan in the amount of $854,000 from the United States Department of Agriculture (CFDA 10.760). The outstanding balance of the loan as of December 31, 2024 was $843,867.