Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Included the federal award activity of the City under programs of the federal government for the year ended June 30, 2022. Presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulation Part 200, Uniform Administrative Requirements, Costs Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
RURAL HOUSING AND ECONOMIC DEVELOPMENT (14.250) - Balances outstanding at the end of the audit period were $1,160,838.79.