Notes to SEFA
Title: Accounting Basis
Accounting Policies: Revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent that administrative costs have been incurred by the SRF and charged to the grant and federal funds have been loaned or granted to public water systems during the year.
De Minimis Rate Used: N
Rate Explanation: The SRF did not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the State of Connecticut Clean Water Fund - Drinking Water Federal Revolving Loan Account (State Revolving Fund) and is presented on the accrual basis of accounting. 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 amounts presented in, or used in the preparation of the financial statements.
Title: Subrecipients
Accounting Policies: Revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent that administrative costs have been incurred by the SRF and charged to the grant and federal funds have been loaned or granted to public water systems during the year.
De Minimis Rate Used: N
Rate Explanation: The SRF did not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Loans disbursed to subrecipients during year ended June 30, 2024 totaled $2,594,822. Grants disbursed to subrecipients during year ended June 30, 2024 totaled $11,275,859.
Title: Municipal Loan Balances
Accounting Policies: Revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent that administrative costs have been incurred by the SRF and charged to the grant and federal funds have been loaned or granted to public water systems during the year.
De Minimis Rate Used: N
Rate Explanation: The SRF did not use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The balance of outstanding loans to municipalities totaled $220,536,668 as of June 30, 2024.