Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.Negative amounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years.
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 thefederal award activity of the City of Grand Forks under programs of the federal government for theyear ended December 31, 2022. The information in this schedule is presented in accordance withthe requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of operations of the City of Grand Forks itis not intended to and does not present the financial position, change in net position, or cash flowsof the City of Grand Forks.
Title: Loans Outstanding
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.Negative amounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City of Grand Forks had the following loan balances outstanding at December 31, 2022.These loan balances outstanding, except for the current year loan expenditures for the EPACapitalization Grant, are not included in the federal expenditures presented in the schedule, asthey are not considered to have continuing compliance requirements:Federal AL AmountProgram Title Number OutstandingNorth Dakota Public Finance AuthorityState Revolving Fund 66.468 $ 72,750,000
Title: Program Income
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.Negative amounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of December 31, 2022, the City of Grand Forks earned $378,918 in program income from itsCDBG Emergency Supplemental Appropriation and Revolving Loan Fund Grants.
Title: Matching Costs
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.Negative amounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years.
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 does not include matchingexpenditures.
Title: EDA Revolving Loan Funds (RLF) Grant
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.Such expenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement.Negative amounts shown on the Schedule represent adjustments or credits made in the normalcourse of business to amounts reported as expenditures in prior years.
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 includes $1,441,507 reported forAL 11.307. This amount does not represent current year expenditures. See calculation below:Balance of RLF loans outstanding at end of recipients fiscal year $ 1,309,129Cash available for lending 123,438Admin expenses paid out of RLF income during recipients fiscal year 8 ,9401,441,507Federal share of RLF as specified in the grant award 100.00%Schedule of expenditures of federal awards amount $ 1,441,507