Notes to SEFA
Title: BASIS FOR PRESENTATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the schedule) arereported on the accrual basis of accounting. Such expenditures are recognized following thecost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southwest Water Authority has not elected to use the 10-percent de minimis cost rate asallowed under the Uniform Guidance
This accompanying schedule includes the federal award activity of Southwest Water Authorityunder programs of the federal government for the year then ended December 31, 2022. Theinformation in this schedule is presented in accordance with the requirements of Title 2 U.S.Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedulepresents only a selected portion of the operations of Southwest Water Authority, it is notintended to and does not present the financial position, change in net position, or cash flows ofSouthwest Water Authority.
Title: FINANCIAL STATEMENT RECONCILIATION
Accounting Policies: Expenditures reported on the schedule of expenditures of federal awards (the schedule) arereported on the accrual basis of accounting. Such expenditures are recognized following thecost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,wherein certain types of expenditures are not allowable or limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Southwest Water Authority has not elected to use the 10-percent de minimis cost rate asallowed under the Uniform Guidance
The following is a reconciliation between the amount presented on the schedule and amountspresented on the financial statements as of December 31, 2022.Grant income $ 4,048,024Less non-federal grants (2,000)Total $ 4,046,024Total federal expenditures on SEFA $ 4,046,024