Notes to SEFA
Title: Note 3 - Federal Loans
Accounting Policies: This schedule is prepared on the same basis of accounting as the Town of Coulee Dam financial statements. The Town of Coulee Dam uses the Cash Basis Budgeting, Accounting and Reporting System (BARS) manual.
De Minimis Rate Used: N
Rate Explanation: The Town of Coulee Dam has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Town of Coulee Dam received a loan in the amount of $4,700,000 and subsequent loans in the amounts of $936,000 and $304,000 to build a Wastewater Treatment Facility from the United States Department of Agriculture.(a) The Town of Coulee Dam was approved by the USDA Rural Utilities Service to receive a loan in the amount of $4,700,000 and subsequent loans in the amounts of $936,000 and $304,000 to build a sewer treatment plant. Interim loan financing was received for the construction period. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. The balance owing at the end of the period is $5,653,979.Both the current and prior year loans are reported on the Town of Coulee Dam Schedule of Liabilities.
Title: Note 4 - Program Costs
Accounting Policies: This schedule is prepared on the same basis of accounting as the Town of Coulee Dam financial statements. The Town of Coulee Dam uses the Cash Basis Budgeting, Accounting and Reporting System (BARS) manual.
De Minimis Rate Used: N
Rate Explanation: The Town of Coulee Dam has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the Town of Coulee Dam portion, are more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.