Notes to SEFA
Title: LOAN AND LOAN GUARANTEE PROGRAMS
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of the City under programs of the federal government for the year ended September 30, 2023. The infor-mation in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Feder-al Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Require-ments for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the City, it is not intended and does not present the financial position, changes in net assets, or cash flows of the City. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
At September 30, 2023, outstanding loan balances for the program totaled $9,952,537.