Notes to SEFA
Title: Note A: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of the Town under programs of the federal government for the fiscal year ended June 30, 2022.
Title: Note C: Loans Outstanding
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
At June 30, 2022, the Town had outstanding loans obtained through USDA Rural Development. Within the General Fund, the Town has two outstanding loans obtained through USDA Rural Development, Federal Assistance Listing #10.766. The outstanding balance for the 97-21 loan at June 30, 2022 is $3,195,713 and did not incurr any new loans during the year. The K-8 loan had a beginning balance of $3,438,937 plus $12,726,955 of new loans during the year for an outstanding balance of $16,165,892 at June 30, 2022.
Title: Note D: Surplus Military Property
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Non-monetary assistance is reported in the schedule of federal awards at the estimated fair market value of property received and used.