Notes to SEFA
Title: Virginia Revolving Loan Fund (ALN 66.468)
Accounting Policies: The accompanying schedule of federal expenditures includes the activity of all federally assisted programs of Frederick Water (the "Authority") and is presented on the modified accrual basis of accounting, as described in Note 1 to the Authority's basic financial statement. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on this schedule.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During 2021, the Authority received approval for a federally funded loan through the Virginia Revolving Loan fund in the amount of $35,000,000. The amount outstanding as of June 30, 2022 is $27,334,830.