Notes to SEFA
Title: NOTE 4 – FEDERAL LOANS OUTSTANDING
Accounting Policies: NOTE 1 – BASIS OF PRESENTATION The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of Goodell, Iowa and is presented on the basis of cash receipts and disbursements, which is a basis of accounting other than accounting principles generally accepted in the United States of America. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in, the preparation of the cash basis financial statements.NOTE 2 – PASS-THROUGH GRANT NUMBERS All pass-through entities listed above use the same Assistance Listing numbers as the federal grantors to
identify these grants and have not assigned any additional identifying numbers.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent de minimis indirect cost rate, as allowed under the Uniform Guidance.
The City has an outstanding loan through the United States Department of Agriculture (USDA.) The financing agreement allowed the City to draw $1,025,000 at an interest rate of 2.375%. This was related to construction project through federal funding provided by the Water and Waste Disposal Systems for Rural Communities program, Assistance Listing Number 10.760. At June 30, 2023, the City expended and had an outstanding loan balance of $1,015,304 of the authorized funding available.