Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The financial statements and the SEFA of the Authority have been prepared on the accrual basis and in accordance with generally accepted accounting principles as promulgated by Governmental Accounting Standards Board (GASB). Revenues are recognized in the accounting period when they become susceptible to accrual. Expenditures are recognized in the accounting period in which the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
CAPITALIZATION GRANTS FOR CLEAN WATER STATE REVOLVING FUNDS (66.458) - Balances outstanding at the end of the audit period were 58466928.