Notes to SEFA
Title: Note 3.
Accounting Policies: The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City of Portland, TN did not have any funds passed through to subrecipients.
Title: Note 4.
Accounting Policies: The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City's financial statements reported expenditures of $7,768 in the current year and $16,072 in the year ending June 30, 2021 on project 83LPLM-F3-131.
Title: Note 5.
Accounting Policies: The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City's financial statements reported expenditures of $9,822 in the current year and $4,402 in the year ending June 30, 2021 on project 83LPLM-F3-090.
Title: Note 6.
Accounting Policies: The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City's financial statements reported expenditures of $8,113 in the current year and $27,547 in the year ending June 30, 2021 on project 83LPLM-F3-139.
Title: Note 7.
Accounting Policies: The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City's financial statements reported expenditures of $13,000 in the year ending June 30, 2021 on project AERO-22-216-00.
Title: Note 8.
Accounting Policies: The schedule is presented using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City has an outstanding loan of $679,341 obtained through the State Revolving Loan Fund (SLRF) in 2006. The loan is presented in detail elsewhere in the supplementary and other information section of the audit report.