Notes to SEFA
Title: Basis of presentation
Accounting Policies: The accompanying schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Town of Haughton under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Town of Haughton, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Town of Haughton.
Title: Loan balances outstanding
Accounting Policies: The accompanying schedule of expenditures of federal awards is prepared on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal portion of loan balance outstanding at December 31, 2022, for Water and Waste Disposal Systems for Rural Communities (ALN #10.60) $6,773,855