Notes to SEFA
Title: Loans Oustanding
Accounting Policies: The accompanying schedule of expenditures of Federal and State awards (SEFSA) includes the federal and State grant activity of the City of Oxford under the programs of the federal government and the State of North Carolina for the year ended June 30, 2022. The information in this SEFSA is presented in accordance with the requirements of Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and the State Single Audit Implementation Act. Because the Schedule presents only a selected portion of the operations of the City of Oxford, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Oxford.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City of Oxford had the following loan balances outstanding at June 30, 2022 for loans that the grantor/pass-through grantor has still imposed continuing compliance requirements. Loans outstanding at the beginning of the year and loans made during the year are included in the SEFSA. The balance of loans outstanding at June 30, 2022 consist of: Connect NC Bond (CS370439-08) $2,599,686 Connect NC Bond (CS370439-07) $3,605,014 NC Revolving Loan & Grant Program - Water/Sewer Main Replacements (E-SRP-W-17-0035) $1,749,716 NC Revolving Loan & Grant Program - Water/Sewer Main Replacements (E-SRP-D-17-005) $6,401,638 Water and Wastewater Disposal Systems for Rural Communities (10.760) $4,805,000.