Notes to SEFA
Title: LOANS OUTSTANDING
Accounting Policies: A. Reporting Entity - The accompanying schedule includes all federal awards programs of Kennebec Valley Council of Governments for the fiscal year ended June 30, 2023. The reporting entity is defined in Notes to Financial Statements.
B. Basis of Presentation - The information in the accompanying Schedule of Expenditures of Federal Awards is presented in accordance with Uniform Guidance.
C. Basis of Accounting - The information presented in the Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting, which is consistent with the reporting in the financial statements.
De Minimis Rate Used: N
Rate Explanation: Kennebec Valley Council of Governments has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
See the Notes to the SEFA for chart/table
Title: ECONOMIC DEVELOPMENT ADMINISTRATION REVOLVING LOAN FUND
Accounting Policies: A. Reporting Entity - The accompanying schedule includes all federal awards programs of Kennebec Valley Council of Governments for the fiscal year ended June 30, 2023. The reporting entity is defined in Notes to Financial Statements.
B. Basis of Presentation - The information in the accompanying Schedule of Expenditures of Federal Awards is presented in accordance with Uniform Guidance.
C. Basis of Accounting - The information presented in the Schedule of Expenditures of Federal Awards is presented on the accrual basis of accounting, which is consistent with the reporting in the financial statements.
De Minimis Rate Used: N
Rate Explanation: Kennebec Valley Council of Governments has not elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance.
See the Notes to the SEFA for chart/table