Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal and State Awards (SEFSA) includes the federal and State grant activity of the City of Hickory under the programs of the federal government and the State of North Carolina for the period ended June 30, 2022. The information in this SEFSA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of the City of Hickory, it is not intended to and does not present the financial position, changes in net position or cash flows of the City of Hickory.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
City of Hickory has the following loan balances outstanding at June 30, 2022 for loans that the grantor/pass-through grantor 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 oustanding at June 30, 2022 consist of: Program Name, CFDA Number, Amount Outstanding: Geitner Basin Sewer System Rehab, 66.458, $2,384,282; Central Business District Infrastructure Rehabilitation, 66.458,$1,091,280; and Murray Basin Sewer, 66.458, $2,086,780.