Notes to SEFA
Title: Loans Oustanding
Accounting Policies: The schedule was prepared using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
At June 30, 2022, there was an outstanding balance of $389,723 on a loan obtained through the State of Tennessee Revolving Loan Fund. There were payments of $21,180 to the State Revolving Loan Fund during the year ended June 30, 2022.
Title: TDOT Expenditures Incurred in Prior Year
Accounting Policies: The schedule was prepared using the modified accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts reported for TDOT (20.205) include $22,950 incurred in a prior year.