Title: Method of Accounting
Accounting Policies: The schedule of expenditures of federal awards has been prepared on an accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance
and also 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 for all new federal awards received on or after December 26, 2014, and for
funding increments (additional funding on existing awards) with modified terms and conditions that
are awarded on or after that date, and OMB A-133 for federal awards made prior to December 26,
2014. Because the schedule of expenditures of federal awards presents only a selected portion of the
operations of the Project, it is not intended to, and does not present, the financial position, changes
in net assets, or cash flows of the Project.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use a de minimis indirect cost rate as allowed under the Uniform
Guidance.
The schedule of expenditures of federal awards has been prepared on an accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance
and also 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 for all new federal awards received on or after December 26, 2014, and for
funding increments (additional funding on existing awards) with modified terms and conditions that
are awarded on or after that date, and OMB A-133 for federal awards made prior to December 26,
2014. Because the schedule of expenditures of federal awards presents only a selected portion of the
operations of the Project, it is not intended to, and does not present, the financial position, changes
in net assets, or cash flows of the Project.
Title: Capital Advance
Accounting Policies: The schedule of expenditures of federal awards has been prepared on an accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance
and also 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 for all new federal awards received on or after December 26, 2014, and for
funding increments (additional funding on existing awards) with modified terms and conditions that
are awarded on or after that date, and OMB A-133 for federal awards made prior to December 26,
2014. Because the schedule of expenditures of federal awards presents only a selected portion of the
operations of the Project, it is not intended to, and does not present, the financial position, changes
in net assets, or cash flows of the Project.
De Minimis Rate Used: N
Rate Explanation: The Project has elected not to use a de minimis indirect cost rate as allowed under the Uniform
Guidance.
The $2,436,501 capital advance reflected on the schedule of expenditures of federal awards was
recorded as a contribution in the financial statements for the year ended March 31, 2006, which is
the year it was received, for the construction of the Project.