Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1. OrganizationThe City of Emporia, Kansas, (the City) is the recipient of several federal awards. The accompanying schedule of expenditures of federal awards presents the activity of all federal awards programs of the City for the year ended December 31, 2022. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on the schedule..Note 2. Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City and is presented on the modified accrual basis of accounting. The information presented in this schedule is in accordance with the requirements of Title 2 U.S. Code of Federal Regulation (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.Note 3. Local Government ContributionsLocal cost sharing, as defined by Title 2 CFR Part 200, Subpart D, Section 200.306 is required by certain federal grants. The amount of cost sharing varies with each program. Only the federal share of expenditures is presented in the Schedule of Expenditures of Federal Awards.Note 4. Additional AuditsGrantor agencies reserve the right to conduct additional audits of the Citys grant programs for economy and efficiency and program results that may result in disallowed costs to the City. However, management does not believe such audits would result in any disallowed costs that would be material to the Citys financial position at December 31, 2022.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of December 31, 2022, the City has outstanding loan balances of $25,645,851 under the Kansas Water Pollution Control Revolving Loan Fund and $3,555,686 under the Kansas Public Water Supply Loan Fund.