Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of Town of Clarksville, Virginia 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 Town of Clarksville, Virginia, it is not intended to and does not present the financial position, changes in net position, or cash flows of Town of Clarksville, Virginia.
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.
Town of Clarksville, Virginia has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
No awards passed through to subrecipients.
The Town of Clarksville, Virginia had the following federal loan balances outstanding at year end: Federal Loans Outstanding through USDA Rural Development Program Federal Catalog Number Amount Outstanding Community Facilities Loans and Grants Promissory Note dated October 2023 10.766 $ 562,595 Water and Waste Disposal Systems for Rural Communities Series 2024A 10.760 589,295 Series 2024B 10.760 928,164 Total Loans Outstanding $ 2,080,054