Notes to SEFA
Title: OUTSTANDING LOAN BALANCES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the schedule) includes the federal award activity of the Town under
programs of the federal government for the fiscal year. The information in this schedule is presented in accordance with the requirements
of the 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 Town, it is not
intended to and does not present the financial position, changes in net position, or cash flows of the Town. The accompanying Schedule of
Federal Awards is prepared on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the de minimus 10% cost rate.
As of June 30, 2023, the Town had no outstanding loan balances requiring continuing disclosure.