Notes to SEFA
Title: OUTSTANDING LOAN BALANCE
Accounting Policies: The accompanying schedule of federal expenditures includes the activity of all federally assisted programs of the Town and is presented on the modified accrual basis of accounting. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on this schedule.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimis indirect cost rate.
At June 30, 2024, the Town had $3,655,303 in outstanding water and waste disposal system loans from Rural Development and $1,414,423 in outstanding water line project loans from Rural Development.