Notes to SEFA
The schedule of expenditures of federal awards includes the federal award activity of the Town of Marion 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 US Code of Federal Regulations Part 200 Uniform Administrative Requirement, Cost Principle and Audit Requirement for Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Town, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Town.
Expenditures on the schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowed or are limited as to reimbursement. Grant identifying numbers as awarded or as assigned by pass-through entities are presented where available.
The Town did not have any subrecipients for the year ended June 30, 2025.
Issued April 3, 2025. Expended during the year ended June 30, 2025 by the General Fund on the modified accrual basis of accounting. Therefore, the schedule of expenditures of federal awards reported expenditures of $76,900 for the year ended June 30, 2025. Loan payments are reported as debt service expense. On the accrual basis of accounting, loan balances are reported on the government-wide statements as long-term liability. At June 30, 2025 the outstanding balance was $74,444. USDA Community Facilities Loan of $1,018,000 Awarded in September 2022. Due to backordered equipment has not been expended or issued as of June 30, 2025.