Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Town of New Market, Virginia under programs of the federal government for the year ended June 30, 2025. 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). Because the Schedule presents only a selected portion of the operations of the Town of New Market, Virginia, it is not intended to and does not present the financial position, change in net position, or cash flows of the Town of New Market, Virginia.
No awards were passed through to subrecipients.
The Town did not have any loans or loan guarantees which are subject to reporting requirements in the current year.
Federal expenditures, revenues, and capital contributions are reported in the Town's basic financial statements as follows: Intergovernmental federal revenues per the basic financial statements: Primary government: Governmental funds General fund $ 1,459,246 Water and sewer fund 35,500 Total primary government $ 1,494,746 Total federal expenditures per the Schedule of Expenditures of Federal awards $ 1,494,746