Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of Idaho Rural Water Association, Inc. for the year ended June 30, 2023. The information 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 Schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Auditee uses an indirect cost rate formula based on the percentage of indirect expenses to total program expenses as instructed by the National Rural Water Association.
No awards were passed through to subrecipients.
Title: FEDERAL AWARD LOAN BALANCES
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal activity of Idaho Rural Water Association, Inc. for the year ended June 30, 2023. The information 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 Schedule presents only a selected portion of the operations of the Association, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Association.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Auditee uses an indirect cost rate formula based on the percentage of indirect expenses to total program expenses as instructed by the National Rural Water Association.
During fiscal year, 2021, the Association paid off interim financing via a loan through USDA Rural Development under the program “Community Facilities Loans and Grants,” Assistance Listing No. 10.766. At June 30, 2022, the USDA Rural Development loan balance was $721,198. At June 30, 2023, the loan balance was $702,502.