Notes to SEFA
The accounting policies and presentation of the accompanying schedule of expenditures of federal awards and state financial assistance (the schedule) of Peace River Manasota Regional Water Supply Authority (the Authority) have been designed to conform with generally accepted accounting principles, including reporting and compliance requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) and Chapter 10.550, Rules of the Auditor General of the State of Florida. The schedule is presented on the accrual basis of accounting.
The Authority’s reporting entity is defined in Note 1 to the Authority’s basic financial statements for the year ended September 30, 2025. All federal awards and state financial assistance received directly from federal or state agencies, as well as federal awards and state financial assistance passed through other governmental agencies, are included in this schedule.
Grant monies received and disbursed by the Authority are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to the disallowance of expenditures. Based upon prior experience, the Authority does not believe that such disallowances, if any, would have a material effect on the financial position of the Authority.
The Authority did not elect to use the 15% de minimis cost rate in 2025 as covered in 2 CFR 200.414.