Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 Basis of PresentationFor reporting entity purposes, the Schedule of Expenditures of Federal Awards includes only the activitiesof the primary government of the City of Stuart (the City).Note 2 Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the modified accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement.Note 3 Indirect Cost RateThe City has elected not to use the 10-percent de minimis indirect cost rate allowed under the UniformGuidance.Note 4 LoansThe City has outstanding loans issued through the Florida Department of Environmental Protection. Theoutstanding balances as of September 30, 2022 are:Note 5 ContingenciesThe grant amounts received are subject to audit and adjustment. If any expenditures are disallowed by agrantor agency as a result of such an audit, any claim for reimbursement to the grantor agencies wouldbecome a liability to the City. Based upon prior experience, the City does not believe such disallowances,if any, would have a material effect on the financial position of the City. As of September 30, 2022, therewere no material questioned or disallowed costs as a result of grant audits in process or completed of whichmanagement was aware. Any adjustments to grant findings are recorded in the year the adjustment occurs.Beginning EndingBalance Additions Reductions BalanceSRF Loan 430400 - 2010 $ 1,503,085 $ - $ (142,537) $ 1,360,548SRF Loan 430410 - 2015 4,542,467 - (251,438) 4,291,029SRF Loan 430420 - 2019 1,799,778 - (94,241) 1,705,537SRF Loan 430430 - 2019 7 75,669 - ( 58,759) 7 16,910SRF Loan 430431 9 14,513 - ( 23,755) 8 90,758SRF Loan 430450 - 4,099,383 4,099,383Total loans payable $ 9,535,512 $ 4,099,383 $ (570,730) $ 13,064,165
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CAPITALIZATION GRANTS FOR DRINKING WATER STATE REVOLVING FUNDS (66.468) - Balances outstanding at the end of the audit period were 4099383.