Title: Note 3 - Revolving Loan - Program Income
Accounting Policies: This schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the full accrual basis of accounting to account for its grants. Under the full accrual basis, revenues are recognized when earned, if measurable, and expenses are recognized when incurred, if measurable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City has a revolving loan program for low-income housing. Under this federal program, repayments to the City are considered program revenues (income) and loans of such funds to eligible recipients are considered expenditures. The amount of loan funds disbursed to program participants for the year was $514,445.00 and is presented in this schedule. The amount of principal and interest received in loan repayments for the yearwas $432,246.85.
Title: Note 4 - Noncash Awards - Equipment
Accounting Policies: This schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the full accrual basis of accounting to account for its grants. Under the full accrual basis, revenues are recognized when earned, if measurable, and expenses are recognized when incurred, if measurable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City of Everett received equipment and supplies that were purchased with Federal Homeland Security funds by the City of Seattle. The amount of $7,152.18 reported on the Schedule is the value of the property on the date it was received by the City of Everett and priced by the City of Seattle. The City of Everett also received books that were purchased with the Institute of Museum & Library Services funds by the State of Washington. The fair market value of the property at the time of receipt was $487.02.
Title: Note 5 - Award For Prior Year Expenditure
Accounting Policies: This schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the full accrual basis of accounting to account for its grants. Under the full accrual basis, revenues are recognized when earned, if measurable, and expenses are recognized when incurred, if measurable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City received additional award of $49,803.07 from the US DOT FHWA after the program was completed. The amount represents prior years expenditures and was not included in prior years SEFA.The City received $9,803.94 and $17,082.41 from FEMA for severe wind storm damage. The amounts represent prior years expenditures and was not included in prior years SEFA.The $89,898.42 expenditure for the Federal Homeland Security grant was incurred in 2020 and not included in prior years SEFA.The $524,773.56 expenditure for the Federal Homeland Security grant includes 2020 expenditures of $147,341.50 and 2021 expenditures of $64,752.56 not included in prior years SEFA.
Title: Note 6 - Pass Through To Subrecipients
Accounting Policies: This schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the full accrual basis of accounting to account for its grants. Under the full accrual basis, revenues are recognized when earned, if measurable, and expenses are recognized when incurred, if measurable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City awarded $349,111.41 and $534,328.05 from the Community Development Block Grant program and $109,627.40 from COVID-19 Coronavirus State & Local Fiscal Recovery funds to non-profit agencies in 2022. The City also awarded $12,935.21 to other municipalities for activities that improve community response to violence against women.
Title: Note 7 - Program Costs
Accounting Policies: This schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the full accrual basis of accounting to account for its grants. Under the full accrual basis, revenues are recognized when earned, if measurable, and expenses are recognized when incurred, if measurable.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The amounts shown as current year expenditures represent only the federal portion of the program costs. Actual program costs, including the City's share, may be more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 US 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.