Notes to SEFA
Title: LOANS OUTSTANDING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: In those instances where indirect costs are allowable, the City has elected to use the 10-percent de minimus indirect cost rate allowed under Uniform Guidance.
The loan programs listed below are administered directly by the City of Huntington and balances and transactions relating to these programs are included in the City of Huntington’s Community Development Block Grant (CDBG) and General Fund financial statements. Loans made during the year are included in the federal expenditures presented in the Schedule of Federal Awards. The balances of loans outstanding, net of estimated allowances for uncollectible amounts at June 30, 2023, consist of:
Program Title
Assistance
Listing
Number
Amount
Outstanding
Community Development Block Grants/Entitlement Grant 14.218 $ 3,688,813
Home Investment Partnerships Program 14.239 2,114,520
Brownfield Revolving Loan Fund 66.818 400,000
Title: MATCHING REQUIREMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: In those instances where indirect costs are allowable, the City has elected to use the 10-percent de minimus indirect cost rate allowed under Uniform Guidance.
Certain federal programs require the City to contribute Federal (matching funds) to support the Federally funded programs. The City has met its matching requirements. The Schedule does not include the expenditure of non-Federal matching funds.
Title: FEDERAL SUBSIDIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City and is presented on the accrual basis of accounting. The information in this Schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: Y
Rate Explanation: In those instances where indirect costs are allowable, the City has elected to use the 10-percent de minimus indirect cost rate allowed under Uniform Guidance.
Federal interest rate subsidies related to the City’s Build America Bonds totaling $155,380 are included in revenues in the General Fund, but are not subject to the Single Audit Act nor reportable on the Schedule of Expenditures of Federal Awards.