Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: Basis of AccountingThe accompanying schedule of expenditures of federal awards (the schedule) presents theactivity of all federal financial assistance programs of the City of Opelousas, Louisiana (the City).The Citys reporting entity is defined in Note 1 to the financial statements for the year ended August31, 2022. The information in this schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presentsonly a selected portion of the operations of the City, it is not intended to and does not present thefinancial position, changes in net position, or cash flows of the City.Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the modified accrual basis ofaccounting. Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The City of Opelousas, Louisiana has not elected to use the 10 percent de minimus indirectcost rate as allowed under the Uniform Guidance.
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 135830.
Title: Subrecipients
Accounting Policies: Basis of AccountingThe accompanying schedule of expenditures of federal awards (the schedule) presents theactivity of all federal financial assistance programs of the City of Opelousas, Louisiana (the City).The Citys reporting entity is defined in Note 1 to the financial statements for the year ended August31, 2022. The information in this schedule is presented in accordance with the requirements of Title2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles,and Audit Requirements for Federal Awards (Uniform Guidance). Because the schedule presentsonly a selected portion of the operations of the City, it is not intended to and does not present thefinancial position, changes in net position, or cash flows of the City.Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the modified accrual basis ofaccounting. Such expenditures are recognized following the cost principles contained in the UniformGuidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.The City of Opelousas, Louisiana has not elected to use the 10 percent de minimus indirectcost rate as allowed under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City provided no federal awards to subrecipients.