Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the County of Hillsborough, New Hampshire (the County) under programs of the federal governments 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 County, it is not intended to and does not present the financial position, changes in net position or cash flows of the County.
Expenditures reported on the Schedule are reportd on the modified accrual basis of accounting, which is described in Note 1 to the County's basic financial statements. 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 County has not elected to use the 10-percent de minimus indirect cost rate for awards received through October 1, 2024, or the 15-percent rate thereafter, as allowed under the Uniform Guidance.
During the year ended June 30, 2025, the County received a loan from the State of New Hampshire Office of Governor, funded through the State Fiscal Recovery Funds (ALN 21.027). The balance of this loan outstanding on June 30, 2025 is $2,075,327.