Notes to SEFA
Title: Loans Outstanding
Accounting Policies: Expenditures reported in the SEFSA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town of Edenton has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Town of Edenton had the following loan balances outstanding at June 30, 2024 for loans that the grantor/pass-through grnator has still imposed continuing compliance requirements. Loans outstanding at the beginning of the year and loans made during the year are included in the SEFSA. The balance of loans outstanding at June 30, 2024 consist of:
Community Facilities Loans and Grants | 10.766 | 38-021-566001216 | $5,329,920