Notes to SEFA
Title: Note 1 - BASIS OF ACCOUNTING
Accounting Policies: The Schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the modified accrual basis of accounting for governmental funds and the accrual basis of accounting for proprietary funds.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
This Schedule is prepared on the same basis of accounting as the City’s financial statements. The City uses the modified accrual basis of accounting for governmental funds and the accrual basis of accounting for proprietary funds.
Title: Note 2 - FEDERAL DE MINIMIS INDIRECT COST RATE
Accounting Policies: The Schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the modified accrual basis of accounting for governmental funds and the accrual basis of accounting for proprietary funds.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The City has not elected to use the 10‐percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Note 3 - CONDITIONAL LOAN - PROGRAM INCOME
Accounting Policies: The Schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the modified accrual basis of accounting for governmental funds and the accrual basis of accounting for proprietary funds.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The City of Renton has a Façade Improvement Loan Program. Conditional loans in the amount of $481,022 have been provided to Developers that will be forgiven following a five (5)‐year period, beginning with the recordation of a deed of trust but subject to certain provisions. The source of loan funds is the City of Renton Community Development Block Grant. The City has forgiven two of the conditional loans totaling $316,023. The total amount of loan funds pending forgiveness disbursed to program participant(s) to date is $164,999 and is presented in this schedule.
Title: Note 4 - PROGRAM COSTS
Accounting Policies: The Schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the modified accrual basis of accounting for governmental funds and the accrual basis of accounting for proprietary funds.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the City’s portion, are 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 U.S. 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.
Title: Note 5 - PROGRAM COSTS (FEMA SMALL PROJECT AWARDS)
Accounting Policies: The Schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the modified accrual basis of accounting for governmental funds and the accrual basis of accounting for proprietary funds.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The amounts shown as current year represent only the federal award portion of the program. Amounts previously reported for prior year are $163,358 for the federal share, and $9,075 for the state share. Such expenditures are recognized following the cost principles contained in Title 2 U.S. 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.