Audit 47676

Title: Loan/loan guarantee outstanding balances Accounting Policies: PURPOSE OF THE SCHEDULEThe Uniform Guidance requires a Schedule of Expenditures of Federal Awards showing total expenditures for each federal award program.SIGNIFICANT ACCOUNTING POLICIES1.REPORTING ENTITYThe accompanying schedule includes all federal award programs of Presque Isle Utilities District for the fiscal year ended December 31, 2022. The reporting entity is defined in the Notes to the Financial Statements of Presque Isle Utilities District2.BASIS OF PRESENTATIONThe information in this schedule is presented in accordance with the requirements of the Uniform Guidance. a.Federal financial assistance is defined as assistance provided by federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct appropriations. b.The Uniform Guidance establishes the level of expenditures to be used in defining major federal financial award programs. Major programs for the Organization have been identified in the Schedule of Findings and Questioned Costs.3.BASIS OF ACCOUNTINGThe information presented in the Schedule of Expenditures of Federal Awards is presented on a basis consistent with the Organizations general purpose financial statements. The grants included are all accounted for on a modified accrual basis of accounting which is described in the notes to the general-purpose financial statements. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. WATER AND WASTE DISPOSAL SYSTEMS FOR RURAL COMMUNITIES (10.760) - Balances outstanding at the end of the audit period were 9630000.