Notes to SEFA
Title: 1. BASIS OF PRESENTATION
Accounting Policies: Refer to Form
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the ten percent the minimus cost rate allowed under the Uniform Guidance
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of
the Municipality under programs of the federal government for the year ended June 30, 2023.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).
Therefore, some amounts presented in this Schedule may differ from the amounts presented in, or used in the preparation
of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the
Municipality, it is not intended to and does not present the financial position and changes in net position of the Municipality.
Title: 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Refer to Form
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the ten percent the minimus cost rate allowed under the Uniform Guidance
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.
The Assistance Listing Number is a program identification number. The first two digits identify the federal department or agency that administers the program, and the last three numbers are assigned by numerical sequence. State or local government redistributions of federal awards to the Municipality, known as “pass–through awards”, should
be treated by the Municipality as though they were received directly from the federal government. The Uniform Guidance requires the schedule to include the name of the pass–through entity and the identifying number assigned by the passthrough entity for the federal awards received as a sub recipient. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available.
Title: 3. INDIRECT COST RATE
Accounting Policies: Refer to Form
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the ten percent the minimus cost rate allowed under the Uniform Guidance
The Municipality has elected not to use the ten percent the minimus indirect cost rate allowed under the Uniform
Guidance.
Title: 4. OUTSTANDING LOANS OF FEDERAL FUNDS
Accounting Policies: Refer to Form
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the ten percent the minimus cost rate allowed under the Uniform Guidance
The following is a summary of outstanding loans at cost by Assistance Listing Number as of June 30, 2023. Federal funded loans provided under these programs are included as expenditure on the schedule of expenditure of Federal Awards. Per Uniform Guidance, loans proceed that were received and expended in prior years are not considered federal
awards expended (and thus not shown on the schedule of expenditures of federal awards) as those loans do not include continuing compliance requirements other than repayment of the loans. The Municipality is required to identify in the notes to the schedule of expenditures awards the balances outstanding at the end of the period
Title: 4. OUTSTANDING LOANS OF FEDERAL FUNDS
Accounting Policies: Refer to Form
De Minimis Rate Used: N
Rate Explanation: The Municipality has elected not to use the ten percent the minimus cost rate allowed under the Uniform Guidance
Assitance
Listing
Numbers
Amount
Outstanding
Community Developmetn Block Grant - Section 108
Loan Guarantes 14.248 $ 220,000
Communities Facilities Loan and Grants 10.780 5,480,787
$ 5,700,787