Notes to SEFA
The accompanying schedule of expenditures of federal awards (“the schedule”) include the federal award activity of Borough of Jim Thorpe for the year ended December 31, 2025. The Borough’s reporting entity is defined in note 1 to the Borough’s basic financial statements. The information in the 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). All federal awards received directly from the federal agencies, as well as federal awards passed through other government agencies, are included on the schedule. Because the schedule presents only a selected portion of the operations of Borough of Jim Thorpe, it is not intended to and does not present the financial position and changes in operations of Borough of Jim Thorpe.
Expenditures reported on the schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contrained in the Uniform Guidance wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Borough of Jim Thorpe has elected not to use the 15% or 10% de minimis indirect cost rate allowed under the Uniform Guidance
There were no awards passed-through to subrecipients by Borough of Jim Thorpe for the year ended December 31, 2025.
On December 23, 2025, the Borough received $2,499,720 in RUS General Obligation bond proceeds from the United States Department of Agriculture (USDA) to finance the Borough’s new Public Works Garage Project. The proceeds were used to refinance previous bridge loans received for the project. The loan is payable in monthly payments of $10,049 at a 3.50% interest rate and matures on January 23, 2063. The balance of the loan is $2,499,720 at December 31, 2025. The first payment is due January 23, 2026. On December 23, 2025, the Borough received $2,247,060 in RUS General Obligation bond proceeds from the United States Department of Agriculture (USDA) to finance the Borough’s new Memorial Hall Project. The proceeds were used to refinance previous bridge loans received for the project. The loan is payable in monthly payments of $9,034 at a 3.50% interest rate and matures on January 23, 2063. The balance of the loan is $2,247,060 at December 31, 2025. The first payment is due January 23, 2026.