Notes to SEFA
Title: Loans Outstanding
Accounting Policies: Expenditure reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town of Camden, Maine has elected not to use the 10% de minimus
indirect cost rate as allowed under the Uniform Guidance.
In addition to programs reported on the Schedule of Expenditures of Federal Awards, the Town of Camden, Maine has a federal loan program and/or outstanding federal loans as follows. These programs are also included in the federal expenditures presented in this schedule. We have considered these outstanding loan balances in determining programs to be tested under the Uniform Guidance. The Town of Camden,
Maine had the following loans payable outstanding at June 30, 2023: See the notes to SEFA for chart/table