Notes to SEFA
Title: Reconciliation of Federal revenues to SEFA
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared in accordance with the modified accrual basis of accounting with the exception of the Community Facilities Bonds which are required to be reported as expenditures until the bonds are repaid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal revenue reported in governmental funds $228,465 Balance of loans expended in prior years and payable at year end 1,295,000 Agrees to Schedule of Expenditures of Federal Awards $1,523,465