Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards, as required by Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, includes the federal award activity of Plum Point Community Water Association under programs of the federal and state governments for the year ended December 31, 2024. The schedule presents only a selected portion of the operations of Plum Point Community Water Association, and is not intended to, and does not, present the financial position, changes in net assets, or cash flows of the Association.
Expenditures reported on the schedule are reported on the accrual basis of accounting. The information in the Schedule is presented in accordance with the requirements of OMB Uniform Guidance, wherein certain types of expenditures are not allowable or are limited to reimbursement.
The Association has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The outstanding balance of the loan and loan guarantee programs at December 31, 2024, with continuing compliance requirements which are reported as federal expenditures on the accompanying Schedule of Expenditures of Federal Awards was $761,298.