Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
TRANSPORTATION INFRASTRUCTURE FINANCE AND INNOVATION ACT (TIFIA) PROGRAM (20.223) - Balances outstanding at the end of the period were $0.
Title: General
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedule of expenditures of federal awards (the "Schedule") presents the activities of the federal financial assistance programs of the Chesapeake Bay Bridge and Tunnel District.
Title: Amounts passed to Subrecipients
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no amounts passed to subrecipients for the year ended June 30, 2022.
Title: Prepayment of TIFIA Loan
Accounting Policies: The accompanying Schedule is presented using the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The District exercised its option to prepay in full the outstanding TIFIA Loan #2017-1001A on November 16, 2021. The associated Loan Agreement was terminated and a new TIFIA Loan #2022-1001A was issued on November 23, 2021. As of June 30, 2022, the new TIFIA Loan balance was $0.