Notes to SEFA
Title: Note 3 - Federal Loans
Accounting Policies: Note 1 - Basis of Accounting. This Schedule is prepared on the same basis of accounting as the districts financial statements. The district uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Federal Indirect Cost Rate. The District did not elect to use any indirect cost rates.
The district was approved by the Wa Dept of Health administered by the Environmental Protection Agency to receive a loan totaling $5,000,000 for improvements to our drinking water system on a reimbursement basis. To date we have asked for draws in the amount of $1,207,163.The district was approved by Spokane County to receive a $4,000,000 grant from the Dept of the Treasury for COVID 19 - CORONAVIRUS STATE AND LOCAL FISCAL RECOVERY FUNDS for improvements to our drinking water transmission system. To date we have asked for draws in the amount of $2,447,410.
Title: Note 4 - Prior Period Expenditures
Accounting Policies: Note 1 - Basis of Accounting. This Schedule is prepared on the same basis of accounting as the districts financial statements. The district uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Federal Indirect Cost Rate. The District did not elect to use any indirect cost rates.
The Districts fiscal year 2022 SEFA includes $263,155.53 in Coronavirus Sate and Local Fiscal Recovery Fund (ALN 21.027) expenditures that occurred in fiscal year 2021. This is because the District was not awarded the grant until June 2022, but was allowed to claim reimbursement for expenditures that occurred from March 2021 forward.