Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Thomasville Water Association under the U.S. Environmental Protection Agency Drinking Water State Revolving Fund and the Coronavirus State and Local Fiscal Recovery Funds pass through by Mississippi State Department of Health, American Rescue Plan Act: Rural Water Associations Infrastructure Grant Program for the year ended June 30, 2024. The information in the Schedule is presented in accordance with the requirements of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The Schedule of Expenditures of Federal Awards is presented using the same accrual basis of accounting used by Thomasville Water Association for its financial statements.
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.
Thomasville Water Association has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance. No indirect costs were claimed or reimbursed as part of the federal award activity of Thomasville Water Association under the U.S. Environmental Protection Agency Drinking Water State Revolving Fund or the Coronavirus State and Local Fiscal Recovery Funds pass through by Mississippi State Department of Health, American Rescue Plan Act: Rural Water Associations Infrastructure Grant Program for the year ended June 30, 2024.
The outstanding balance of the loan and loan guarantee programs at June 30, 2024, with continuing compliance requirements which are reported as federal expenditures on the accompanying Schedule of Expenditures of Federal Awards was $1,370,766.