Title: Note 1 - Basis of Presentation and Summary of Significnat Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of DRNMF under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the 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 DRNMF, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of DRNMF.
Expenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of DRNMF under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the 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 DRNMF, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of DRNMF.
Expenditures reported on the Schedule are reported on the 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.
Title: Note 2 - Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of DRNMF under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the 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 DRNMF, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of DRNMF.
Expenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: N/A
DRNMF has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 3 - Programs' Status
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of DRNMF under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the 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 DRNMF, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of DRNMF.
Expenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: N/A
DRNMF's funding for expenditures comes from draws under current and prior years' contracts and from the use of program income from prior years' contracts. Amounts reflected as expenditures include direct program costs, allocated indirect costs, and loan disbursements. Program income is provided via three revolving loan funds (RLFs), which were initially funded in prior years via federal contracts, some of which flowed through the City of Dayton and then CityWide Development Corporation. The RLF is:
(a) CDBG Economic Development RLF
DRNMF had the following loan balances outstanding at December 31, 2023. These loan balances are also included in the federal expenditures presented in the schedule.
CDBG
$14,158
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CDFI
2,068,149
CSLFRF
2,465,100
$4,547,407
Title: Note 4 - Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of DRNMF under programs of the federal government for the year ended December 31, 2023. The information in this Schedule is presented in accordance with the 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 DRNMF, it is not intended to, and does not present the financial position, changes in net assets, or cash flows of DRNMF.
Expenditures reported on the Schedule are reported on the 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.
De Minimis Rate Used: N
Rate Explanation: N/A
DRNMF did not provide any federal awards to subrecipients