Notes to SEFA
Basis of presentation The accompanying schedule of expenditures of federal awards (SEFA) includes the federal spending of Sharyland Water Supply Corporation (a nonprofit organization) and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200 Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the financial statements. Because the schedule presents only a selected portion of the operations, it is not intended to and does not represent the financial position of Sharyland Water Supply Corporation.
The Uniform Guidance allows an organization to elect a de minimums indirect cost rate. For the year ended, December 31, 2025, Sharyland Water Supply Corporation did not elect to use this rate.
During the year ended , Sharyland Water Supply Corporation had no outstanding federal loans payable or loan guarantees.
During the year ended December 31, 2025, Sharyland Water Supply Corporation had no subrecipients.
During the year ended December 31, 2025, Sharyland Water Supply Corporation did not receive any federal awards in the form of non-cash assistance and had no federally funded insurance.
Grant monies received by Sharyland Water Supply Corporation are for specific purposes and are subject to review by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon experience, Sharyland Water Supply Corporation does not believe that such disallowance, if any have a material effect on the combined financial position of Sharyland Water Supply Corporation.
Sharyland Water Supply Corporation is also the sub-recipient of federal funds that have been subject to testing and are reported as expenditures and listed as federal pass-through funds. Federal awards other than those indicated as pass-through are considered to be direct.