Notes to SEFA
Title: Loan/loan Guarantee Outstanding Loan Balances
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where certain types of expenditures are not
allowable or are limited as reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
COMMUNITY FACILITIES LOANS AND GRANTS (10.766) - Balances outstanding at the end of the audit period were 1572100.
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance where certain types of expenditures are not
allowable or are limited as reimbursement.
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) includes the federal award activity of the City of Bloomfield under programs of the federal government for the year ended June 30, 2022. The information in this Schedule is presented in accordance with the requirement of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principle, and Audit Requirements for Federal Awards. Because the Schedule presents only a selected portion of operations of City of Bloomfield, it is not intended to and does not present the financial position, changes in net assets, or cash flows of City of Bloomfield.