Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the SEFSA are reported on the full accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal and State Awards (SEFSA) includes the federal and state grant activity of the Orange Water and Sewer Authority under the programs of the federal government and the State of North Carolina for the year ended June 30, 2023. The information in this SEFSA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the schedule presents only a selected portion of the operations of the Orange Water and Sewer Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Orange Water and Sewer Authority.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the SEFSA are reported on the full accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported in the SEFSA are reported on the full accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Loans Outstanding
Accounting Policies: Expenditures reported in the SEFSA are reported on the full accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority had the following loan balances outstanding at June 30, 2023 for loans that the grantor/pass-pass-through grantor has still imposed continuing compliance requirements. Loans outstanding at the beginning of the year and loans made during the year are included in the SEFSA. The balance of loans outstanding at June 30, 2023 consisted of: Program Title Capitalization Grants for Drinking Water Revolving Funds AL Number 66.468 Pass-Through Grantor's Number WIF-1981 Amount Outstanding $2,291,520 H-SRF-F-21-1980, WIF-1983, and SRP-W-0212 projects have expenditures at June 30, 2023; however, the Authority has not drawn down on the loan proceeds of those awards to date, but, expect to during the subsequent fiscal year.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported in the SEFSA are reported on the full accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.