Notes to SEFA
Title: Outstanding Loan Balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on the modified 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 (CFR) 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 basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to utilize the 10 percent de minimis indirect cost rate.
At June 30, 2024, the Town had no outstanding loan balances requiring continuing disclosure.