Notes to SEFA
Title: Note 2
Accounting Policies: The schedule of expenditures for federal awards is prepared on the same basis of accounting and uses the same significant accounting policies as the financial statements. These policies are described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accounting and financial reporting treatment applied to a fund is determined by its measurement focus. The Proprietary Fund types are accounted for using full accrual basis of accounting.
Title: Note 4
Accounting Policies: The schedule of expenditures for federal awards is prepared on the same basis of accounting and uses the same significant accounting policies as the financial statements. These policies are described in the notes to the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Riverbend has loan programs under Drinking Water State Revolving Funds AL 66.468 outstanding at September 30, 2022 as follows: $10,800,000 Contract Revenue Bonds, Taxable Series 2020A (Regional Water System Project), $7,200,000 Contract Revenue Bonds, Taxable Series 2020B (Regional Water System Project), $55,800,000 Contract Revenue Bonds, Taxable Series 2022A (Regional Water System Project, and $37,200,000 Contract Revenue Bonds, Taxable Series 2022B (Regional Water System Project).