Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal grant activity of the Town of Southwick, Massachusetts, 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 Southwick, Massachusetts, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Town of Southwick, Massachusetts.
Expenditures reported on the Schedule are reported on the 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.
The Town of Southwick, Massachusetts, did not use the de minimis cost rate.
As of June 30, 2025, the Town of Southwick, Massachusetts, had $6,239,897.39 in outstanding bonds due to the U. S. Department of Agriculture in its Sewer Business Type Fund and $1,207,371.45 in outstanding bonds due to the U. S. Department of Agriculture in its Water Business Type Fund. The bonds are maturing through 2054. During the year ended June 30, 2025, the Town of Southwick, Massachusetts, paid $276,496.69 principal and $315,588.18 interest on these bonds.