Notes to SEFA
Title: Subrecipient Monitoring
Accounting Policies: The accompanying Schedule of Federal Expenditures includes the activity of all federally assisted programs for the Town of Farmville, Virginia and is presented on the modified accrual basis of accounting, as described in Note 1 to the Town’s basic financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on this schedule.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to utilize the 10% de minimis indirect cost rate.
The Town provided no amounts to subrecipients during fiscal year 2023.
Title: Outstanding Loan Balances
Accounting Policies: The accompanying Schedule of Federal Expenditures includes the activity of all federally assisted programs for the Town of Farmville, Virginia and is presented on the modified accrual basis of accounting, as described in Note 1 to the Town’s basic financial statements. All federal awards received directly from federal agencies, as well as federal awards passed through other government agencies, are included on this schedule.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to utilize the 10% de minimis indirect cost rate.
At June 30, 2023, the Town had no outstanding loan balances requiring continuing disclosure.