Notes to SEFA
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal award activity of Salt River Project Agricultural Improvement and Power District and its subsidiaries and the Salt River Valley Water Users’ Association (collectively, “SRP”) under programs of the federal government for the year ended April 30, 2025. 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 SRP, it is not intended to and does not present the financial position, changes in net assets, or cash flows of SRP.
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.
SRP has elected not to use the 10% or 15% de minimis indirect cost rate, as applicable, allowed under the Uniform Guidance.
SRP applied for reimbursement of certain expenses related to the COVID-19 pandemic under Assistance Listing 97.036, Federal Emergency Management Agency (FEMA) Public Assistance through the State of Arizona. Expenditures are reflected in the Schedule in the year in which a project application is obligated, and expenses associated with those funds have been incurred. The Schedules thus include $2,611,459 of expenditures incurred in fiscal years 2020, 2021, and 2022 for projects which were obligated in fiscal year 2025.