Notes to SEFA
The schedule of federal expenditures includes the activity of all federally assisted programs of the Town of Leesburg, Virginia and is presented on the modified accrual basis of accounting, as described in Note 1 to the Town's basic financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on this schedule.
The Town did not elect to use the 10 percent de minimus indirect cost rate.
At June 30, 2025, the Town had no outstanding loan balances requiring continuing disclosure.