Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: 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: The Municipality has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Municipality and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
Title: INDIRECT COST RATE
Accounting Policies: 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: The Municipality has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Municipality has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: LOANS OUTSTANDING
Accounting Policies: 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: The Municipality has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Municipality had the following loan balances outstanding at June 30, 2022. These loan balances outstanding are also included as federal expenditures presented in this Schedule. Program Title: Water and Waste Disposal for Rural Communities, Assistance Listing Number: 10.760, Amount Outstanding: $ 1,570,545