Notes to SEFA
Title: Reconciliation of SEFA expenditures to financial statement Federal revenue
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared in accordance with the modified accrual basis ofaccounting with the exception of the Community Facilities Bonds which are required to be reported as expenditures until the bonds are repaid.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Federal revenue reported in governmental funds $144,604; Capital grant Expenditures reported on the schedule of expenditure of federal awards 4,382,604; Balance of loans expended in prior years and payable at year end $4,238,000