Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards summarizes the expenditures of the Utility System under programs of the federal government for the year ended June 30, 2025. The information in this schedule is presented in accordance with the requirements of Title 2, US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (the Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Utility System, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Utility System. 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. Any 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.
At June 30, 2025, loan program outstanding balances consists of the following: Capitalization Grants for Clean Water Revolving Funds, CW8 2023-480, $538,796. Capitalization Grants for Drinking Water Revolving Funds, DW9 2023-256, $629,372.
The Utility System has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.