Title: Note 3 - Revolving Loan Fund - Program Income
Accounting Policies: Note 1 - Basis of Accounting - This schedule is prepared on the same basis of accounting as the City of Lakewood's financial statements. The city uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Indirect Cost Rate - The City of Lakewood has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniformed Guidance.
The city administers a revolving loan program for CDBG - Down Payment Assistance and Major Home Repairs. Under this Federal program, repayments to the city program are considered program revenue (income), and loans of such funds to eligible recipients are considered expenditures. The amount of revolving loan funds disbursed to participants for the year is $46,494 and the amount of program income used was $81,928.48. The amount of loan principal and interest repayment year to date is $81,928
Title: Note 4 - Program Income
Accounting Policies: Note 1 - Basis of Accounting - This schedule is prepared on the same basis of accounting as the City of Lakewood's financial statements. The city uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Indirect Cost Rate - The City of Lakewood has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniformed Guidance.
These expenditures were paid with program income.
Title: Note 5 - Amounts Awarded to Subrecipients
Accounting Policies: Note 1 - Basis of Accounting - This schedule is prepared on the same basis of accounting as the City of Lakewood's financial statements. The city uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Indirect Cost Rate - The City of Lakewood has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniformed Guidance.
Included in the total amount expended for this program: a) $170,003 Pierce County Housing Authority; b) $35,830 Workforce; c) $229,451 Habitat for Humanity; d) $46,537 Rebuilding Together South Sound; e) $75,041 YMCA Child & Teen Services; f) $74,973 West Pierce Fire & Rescue.
Title: Note 6 - Program Costs
Accounting Policies: Note 1 - Basis of Accounting - This schedule is prepared on the same basis of accounting as the City of Lakewood's financial statements. The city uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Indirect Cost Rate - The City of Lakewood has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniformed Guidance.
The amounts shown as current year expenditures represent only the federal grant portion of the program costs. Entire program costs, including the City of Lakewood'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: Additional Note Disclosures
Accounting Policies: Note 1 - Basis of Accounting - This schedule is prepared on the same basis of accounting as the City of Lakewood's financial statements. The city uses the accrual basis of accounting.
De Minimis Rate Used: N
Rate Explanation: Note 2 - Indirect Cost Rate - The City of Lakewood has not elected to use the 10-percent de minimis indirect cost rate allowed under Uniformed Guidance.
Section 108 Loans approved by the U.S. Department of Housing and Urban Development
.The City of Lakewood participates in the U.S. Department of Housing and Urban Development (HUD) Section 108 Loan Guarantee Program in order to leverage economic development projects. The City is able to guarantee up to five times its annual CDBG allocation. The block grant is partial guarantee for the loan, and no City funds are pledged for the 108 loans. The Zion's Bank serves as the City's custodian under a custodial agreement disbursing the Section 108 funds to the borrower, receiving loan payments from the borrower, and remitting the repayments to HUD.
Prior Years Federal Loans:
1) Curbside Motors Incorporated in the amount of $700,000 with the loan term from 2014-2035. Loan balance as of 12/31/2023 is $444,000.
2) Living Access Support Alliance in the amount of $262,000 with the loan term from 2015-2035. Loan balance as of 12/31/2023 is $245,000.