Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: 1.Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal award activity of Henry County Public Service Authority under programs of the federal government for the year ended June 30, 2022. 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 Henry County Public Service Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of Henry County Public Service Authority. 2.Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CAPITALIZATION GRANTS FOR DRINKING WATER STATE REVOLVING FUNDS (66.468) - Balances outstanding at the end of the audit period were 13602373. CAPITALIZATION GRANTS FOR DRINKING WATER STATE REVOLVING FUNDS (66.468) - Balances outstanding at the end of the audit period were 947630. 4. Federal Loans OutstandingHenry County Public Service Authority had the following federal loan balances outstanding at year-end: Federal Loans Outstanding through Virginia Resources AuthorityProgramFederal Catalog NumberAmount OutstandingVirginia Department of HealthCapitalization Grants for Drinking Water State Revolving Funds ClusterLoan Name Series 2018B - Philpott Project66.468 $13,602,373 Series 2022A - Preston Road Project66.468 947,630 Total Loans Outstanding $14,550,003
Title: Subrecipients
Accounting Policies: 1.Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the Federal award activity of Henry County Public Service Authority under programs of the federal government for the year ended June 30, 2022. 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 Henry County Public Service Authority, it is not intended to and does not present the financial position, changes in net position, or cash flows of Henry County Public Service Authority. 2.Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No awards were passed through to subrecipients.