Notes to SEFA
Title: Outstanding Loans
Accounting Policies: The accompanying schedule of expenditures of federal and state awards (the Schedule) includes federal and state award activity of the government under programs of the federal and state governments for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the government, it is not intended to and does not present the financial position, changes in net position, or cash flows of the government. Expenditures reported on the Schedule ar reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A87, Cost Principles for State, Local, and Indian Tribal Governments, wherein certain types of expenditures are 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.
The Electric Department fund has three outstanding loans through the USDA - Rural Economic Development Loans and Grants Program at June 30, 2022. All three of these loans have been passed through to subrecipients. At June 30, 2022, the outstanding loan balances are $435,185; $601,852; and $907,379. respectively. At June 30, 2022, the receivables from subrecipients were $425,926; $583,333; and $925,926, respectively.