Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal activity of The Poteau Valley Improvement Authority 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 Part 200m 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 The Poteau Valley Improvement Authority, it is not intended to and do not present the financial position, changes in net assets, or cash flows of The Poteau Valley Improvement Authority.
Expenditures reported on the schedule are recognized following the cost of the principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Poteau Valley Improvement Authority has not elected to use the 10-percent deminisis indirect cost rate allowed under Uniform Guidance.