Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles forState, Local and Indian Tribal Governments, wherein certain types of expendituresare not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 3720000.
Title: Loan Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis ofaccounting. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles forState, Local and Indian Tribal Governments, wherein certain types of expendituresare not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In addition to programs reported on the Schedule of Federal Awards, the Town ofFair Haven, Vermont has an outstanding federal loan program as follows. Weconsidered the outstanding loan balances in determining programs to be testedunder the Uniform Guidance.Federal OutstandingAL BalanceNumber Program Name 6/30/2210.766 Community Facilities Loans and Grants $ 3,720,000