Notes to SEFA
Title: Summary of Significant Accounting Policies and Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance for the year ended December 31, 2024.
The accompanying schedule of expenditures of federal awards includes the federal award activity of the Town of Bayfield, Colorado (the Town) under programs of the federal government for the year ended December 31, 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). Expenditures reported on the schedule are reported
on the modified 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.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance for the year ended December 31, 2024.
The Town did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance for the year ended December 31, 2024.
Title: Federal Loans and Loan Guarantee Programs Outstanding
Accounting Policies: Expenditures reported on the schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance for the year ended December 31, 2024.
In February 2020, the Town entered into a federal loan agreement with the Colorado Water Resources & Power Development Authority totaling $3,000,000. The loan is part of the Drinking Water State Revolving Fund Cluster – CFDA 66.468. During 2021, the Town determined that the full $3,000,000 was not needed resulting in a decrease in the total loan amount by $2,139,304 to $860,696. As of December 31, 2024, the amount outstanding at year-end is $715,987.