Notes to SEFA
Title: Reconciliation of SEFA to financial statement revenues
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared in accordance with the modified accrual basis of accounting with the exception of the Community Facilities Bonds which are required to e reported as expenditures until the bonds are repaid.
De Minimis Rate Used: N
Rate Explanation: n/a
Federal revenue reported in governmental funds $0; expenditures reported on the SEFA $2,058,000; difference of $2,058,000 equals balance of loans expended in prior years and payable at year end.