Notes to SEFA
Title: Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Auditee did not use the de minimis cost rate
The City receives a capitalization grant for the Drinking Water State Revolving Funds (DWSRF) program administered through the Georgia Environmental Facilities Authority (GEFA) for the purpose of financing improvements for its water treatement plant. Capitalization loans processded fro DWSRF for the year ended December 31, 2022 were approximately $276,651 and are included in the Schedule. In March 2022, the U.S. Department of Agriculture (USDA) loaned the City (through the issuance of revenue bonds) $7,752,000. This loan provided refinancing of the DWSRF loan and other GEFA loans. In addition, the loan also provided $473,834 to the City under the Water and Waste Disposal Systems for Rural Communities program which is included in the Schedule. Thus, the outstanding loan balance for the DWSRF is $-0-., and the outstanding loan baalnce for the USDA loans is $7,651,357
Title: Payments to Subreceipients
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Auditee did not use the de minimis cost rate
For the current fiscal year, the City of Clarkesville, Georgia did not pass federal funds through to subrecipients.