Notes to SEFA
Title: Reconciliation of SEFA to financial statement revenues
Accounting Policies: The Schedule of Expenditures of Federal Awards is prepared in accordance with the modified accrual basis of accounting with the exception of the Community Facilities Bonds which are required to be reported as expenditures until the bonds are repaid.
De Minimis Rate Used: N
Rate Explanation: n/a
Federal revenue reported in governmental funds $67,190; balance of loans drawn plus those expended in prior years totals $3,759,254; pending USDA loan draws $317, 851. Total of $4,144,295 equals expenditures reported on the SEFA.