Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE ABASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the City of Dunsmuir (the City) under programs of the federal government for the fiscal year ended June 30, 2022. The information in this Schedule is presented in accordance with the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial net position or changes in net position of the City. NOTE BSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, when applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Also, when applicable, recognition is following the Uniform Guidance for federal awards granted after December 26, 2014.2.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
WATER AND WASTE DISPOSAL SYSTEMS FOR RURAL COMMUNITIES (10.760) - Balances outstanding at the end of the audit period were 6131070. During the fiscal year, the Federal award program from the United States Department of Agriculture (USDA), titled Water and Waste Disposal Systems for Rural Communities (10.760), for the construction of the Water Mainline Replacement Project, continued with Federal funding in the form of interim construction loan financing that is considered to be Federal loan financing as it is guaranteed and will be paid off by the RD/RUS USDA loan financing at the completion of construction (See Note 7). The balance of the loan at June 30, 2022, drawn to fund the USDA Federal program expenditures, is $6,131,070. The total Federal expenditures reported on the Schedule is $3,919,970 and the current year loan increase is $3,447,519.
Title: Note C Subrecipients
Accounting Policies: NOTE ABASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the City of Dunsmuir (the City) under programs of the federal government for the fiscal year ended June 30, 2022. The information in this Schedule is presented in accordance with the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intended to and does not present the financial net position or changes in net position of the City. NOTE BSUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1.Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, when applicable, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Also, when applicable, recognition is following the Uniform Guidance for federal awards granted after December 26, 2014.2.Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the schedule, the City provided $66,913 of the federal awards to subrecipients.