Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the Municipality 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). Therefore, some amounts presented in this Schedule may differ from the amounts presented in, or used in the preparation of, the basic financial statements. Because the Schedule presents only a selected portion of the operations of the Municipality, it is not intended to and does not present the financial position and changes in net position of the Municipality.
Expenditures reported on the Schedule are presented on the modified accrual basis of accounting. Such expenditures are recognized in accordance with the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Assistance Listing Number is a program identification number. The first two digits identify the federal department or agency that administers the program, and the last three digits are assigned sequentially. Federal awards received from state or local governments and passed through to the Municipality are identified in the Schedule as pass-through awards. The Uniform Guidance requires the Schedule to include the name of the pass-through entity and the identifying number assigned by the pass-through entity for federal awards received as a subrecipient, when available. Identifying numbers noted as N/A indicate that the information is not applicable, and those noted as N/AV indicate that the information is not available.
The Municipality has elected not to use the ten percent the minimis indirect cost rate allowed under the Uniform Guidance.
The following is a summary of outstanding loans at cost by Assistance Listing Number as of June 30, 2025. Federal funded loans provided under these programs are included as expenditure on the schedule of expenditures of Federal Awards. Per Uniform Guidance, loans proceeds that were received and expended in prior years are not considered federal awards expended (and thus not shown on the schedule of expenditures of federal awards) as those loans do not include continuing compliance requirements other than the repayment of the loans. The Municipality is required to identify in the notes to the schedule of expenditures awards the balances outstanding at the end of the period. Communities Facilities Loan and Grants-10.780 : $ 4,979,787 .