Audit 49067

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE 1 GENERAL The Schedule of Expenditures of Federal Awards comprises a listing of the federal revenues expended by the Town during the fiscal year ended June 30, 2022. The schedule is organized by program or grant as defined by the appropriate federal or state agency responsible for distributing the funds. All programs started and/or terminated during the year and those programs which remained open during the year are included in the schedule. NOTE 2 BASIS OF ACCOUNTING The Schedule of Expenditures of Federal Awards includes the federal grant activity of the Town of Union Bridge, Maryland, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Town has elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate. HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 1420000.

Title: LOANS OUTSTANDING Accounting Policies: NOTE 1 GENERAL The Schedule of Expenditures of Federal Awards comprises a listing of the federal revenues expended by the Town during the fiscal year ended June 30, 2022. The schedule is organized by program or grant as defined by the appropriate federal or state agency responsible for distributing the funds. All programs started and/or terminated during the year and those programs which remained open during the year are included in the schedule. NOTE 2 BASIS OF ACCOUNTING The Schedule of Expenditures of Federal Awards includes the federal grant activity of the Town of Union Bridge, Maryland, and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. The Town has elected to use the 10 percent de minimus indirect cost rate as allowed under the Uniform Guidance. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate. At June 30, 2022, the outstanding balance was $1,420,000.