Notes to SEFA
Title: Basis of Presentation
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Town of Clarksville, Virginia has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Town of Clarksville, Virginia under programs of the federal government for the year ended June 30, 2024. 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). Because the Schedule presents only a selected portion of the operations of Town of Clarksville, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of Town of Clarksville, Virginia.
Title: Subrecipients
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Town of Clarksville, Virginia has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No awards passed through to subrecipients.
Title: Federal Loans Outstanding
Accounting Policies: 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.
De Minimis Rate Used: N
Rate Explanation: Town of Clarksville, Virginia has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Town of Clarksville, Virginia had the following federal loan balances through USDA Rural Development outstanding at year-end. Community Facilities Loans and Grants Promissory Note dated October 2023 (Federal catalog number 10.766) had an amount of $623,720 outstanding. Water and Waste Disposal Systems for Rural Communities Series 2024A (Federal Catalog Number 10.760) had an amount of $601,031 outstanding. Water and Waste Disposal Systems for Rural Communities Series 2024B (Federal Catalog Number 10.760) had an amount of $107,540 outstanding.