Notes to SEFA
Title: Loan 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 and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Town of Fair Haven, Vermont has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
In addition to programs reported on the Schedule of Federal Awards, the Town of
Fair Haven, Vermont has an outstanding federal loan program as follows. We
considered the outstanding loan balances in determining programs to be tested
under the Uniform Guidance. See Notes to SEFA for chart/table.