Title: Loan/loan guarantee outstanding balances
Accounting Policies: Note 1 Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the City, an entity as defined in Note 1 to the Citys basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards. Note 2 Basis of Accounting The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Uniform Guidance, Audits of State and Local Governments, and Non-Profits Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Note 7 Revolving Loan Programs The City operates a revolving loan program utilizing federal financial assistance received under current and prior Community Development Block Grants (CDBG). Loans outstanding at December 31, 2022 under these programs, as reported in the City's basic financial statements, are as follows: Loans Receivable - CDBG $ 850,287 (Less) Allowance for Uncollectible Accounts (172,218) Net Loans Receivable $ 678,069 The City disbursed new loans in the amount of $-0- from Community Development Block Grant program income. The City received program income from the repayment of loan principal in the amount of $72,564 during the year.
Title: Matching Costs
Accounting Policies: Note 1 Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the City, an entity as defined in Note 1 to the Citys basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards. Note 2 Basis of Accounting The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Uniform Guidance, Audits of State and Local Governments, and Non-Profits Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Matching costs, such as the Citys share of certain program costs, are not included in the reported expenditures.
Title: Subrecipients
Accounting Policies: Note 1 Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the City, an entity as defined in Note 1 to the Citys basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards. Note 2 Basis of Accounting The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Uniform Guidance, Audits of State and Local Governments, and Non-Profits Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No amounts were provided to subrecipients.
Title: Other Disclosures
Accounting Policies: Note 1 Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the City, an entity as defined in Note 1 to the Citys basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards. Note 2 Basis of Accounting The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Uniform Guidance, Audits of State and Local Governments, and Non-Profits Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
No insurance is carried specifically to cover equipment purchased with Federal Funds. Any equipment purchased with Federal Funds has only a nominal value and is covered by the Citys casualty insurance policies.
Title: Prior Year Expenditures
Accounting Policies: Note 1 Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the City, an entity as defined in Note 1 to the Citys basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards. Note 2 Basis of Accounting The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Uniform Guidance, Audits of State and Local Governments, and Non-Profits Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
During the year ended December 31, 2022, the City recorded expenditures of $14,077 under the (COVID-19) Disaster Grants - Public Assistant (Presidentially Declared Disasters) Program (ALN #97.036), of this amount $14,077 represented expenditures incurred in a prior year.