Notes to SEFA
Title: Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the Municipality and is presented on the cash basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this Schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Municipality has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Municipality had the following loan balances outstanding at June 30, 2022. A portion of these loan balances outstanding are also included as federal expenditures presented in this Schedule. Program Title: Water and Waste Disposal Systems for Rural Communities Assistance Listing Number 10.760 Amount Outstanding $3,882,211