Notes to SEFA
Title: Relationship to Financial Statements
Accounting Policies: The Schedule of Expenditures of Federal Awards presents the activity of all federal financial assistance programs of Maine Municipal Bond Bank (the Bond Bank) under programs of the federal government for the year ended June 30, 2022. The Bond Bank jointly administers the Clean Water Program with the State of Maine Department of Environmental Protection and jointly administers the Drinking Water Program with the State of Maine Department of Health and Human Services. Financial assistance received directly from federal agencies as well as federal assistance passed through state agencies is included on the schedule. All federal expenditures in 2022 are through direct awards under programs jointly administered with state agencies.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
See the notes to SEFA for chart/table.