Notes to SEFA
Title: Note A: Basis of Presentation
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the schedule) includes the federal grant activity of the Town under programs of the federal government for the fiscal year ended June 30, 2023.
Title: Note C: Loans Outstanding
Accounting Policies: Expenditures reported on the schedule are reported on the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: The Town has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
At June 30, 2023, the Town had outstanding loans obtained throuigh USDA Rural Development. Within the General Fund, the Town has two outstanding loans obtained through USDA Rural Development, Federal Assistance Listing #10.766. The outstanding balance for the 97-21 loan at June 30, 2023 is $3,137,407 and did not incurr any new loans during the year. The K-8 loan had a beginning balance of $16,165,892 plus $15,677,552 of new loans during the year for an outstanding balance of $31,843,444 at June 30, 2023.