Notes to SEFA
Title: Loans
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes federal award activity of the County under programs of the federal government for the year ended June 30, 2022. 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. Because the schedule presents only a selected portion of the operations of the County, it is not intended to and does not present the financial position, changes in net position, or cash flows of the County. Expenditures 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, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The County did not use the 10% de minimis indirect cost rate as provided in Sec. 200.414 Indirect Costs under Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The loan received from the State Revolving Fund loan program consists of 16.7% state dollars and 83.3% federal dollars. The federal portion of the loan balance included in the State Revolving Fund Loan program as of June 30, 2022, was $551,446.