Title: BASIS OF PRESENTATION
Accounting Policies: City: Expenditures reported on the schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the City’s general ledger.
Transit: The accompanying schedule of New York State Department of Transportation Assistance Expended of Greater Glens Falls Transit System is presented using the accrual basis of accounting. Grant awards are recorded as revenue when criteria for earning the revenue are met, generally when the expenditures of grant funds are made. Grant expenditures are recorded when the liability is incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee elected to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal award activity of City of Glens Falls, New York (City) 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 the City, it is not intended to and does not present the financial position or the respective changes in financial position of the governmental activities, business-type activities, each major fund, the aggregate discretely presented component units, and the aggregate remaining fund information of the City.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: City: Expenditures reported on the schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the City’s general ledger.
Transit: The accompanying schedule of New York State Department of Transportation Assistance Expended of Greater Glens Falls Transit System is presented using the accrual basis of accounting. Grant awards are recorded as revenue when criteria for earning the revenue are met, generally when the expenditures of grant funds are made. Grant expenditures are recorded when the liability is incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee elected to use the 10% de minimis cost rate.
Expenditures reported on the schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the City’s general ledger.
The City elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: PASS-THROUGH PROGRAMS
Accounting Policies: City: Expenditures reported on the schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the City’s general ledger.
Transit: The accompanying schedule of New York State Department of Transportation Assistance Expended of Greater Glens Falls Transit System is presented using the accrual basis of accounting. Grant awards are recorded as revenue when criteria for earning the revenue are met, generally when the expenditures of grant funds are made. Grant expenditures are recorded when the liability is incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee elected to use the 10% de minimis cost rate.
Where the City receives funds from a government entity other than the federal government (pass-through), the funds are accumulated based upon the Assistance Listing number advised by the pass-through grantor. Identifying numbers, other than the Assistance Listing numbers, which may be assigned by pass-through grantors are not maintained in the City’s financial management system. The City has identified certain pass-through identifying numbers and included them in the Schedule, as available.
Title: INDIRECT COSTS
Accounting Policies: City: Expenditures reported on the schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the City’s general ledger.
Transit: The accompanying schedule of New York State Department of Transportation Assistance Expended of Greater Glens Falls Transit System is presented using the accrual basis of accounting. Grant awards are recorded as revenue when criteria for earning the revenue are met, generally when the expenditures of grant funds are made. Grant expenditures are recorded when the liability is incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee elected to use the 10% de minimis cost rate.
Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented.
Title: MATCHING COSTS
Accounting Policies: City: Expenditures reported on the schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the City’s general ledger.
Transit: The accompanying schedule of New York State Department of Transportation Assistance Expended of Greater Glens Falls Transit System is presented using the accrual basis of accounting. Grant awards are recorded as revenue when criteria for earning the revenue are met, generally when the expenditures of grant funds are made. Grant expenditures are recorded when the liability is incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee elected to use the 10% de minimis cost rate.
Matching costs, i.e., the City’s or State’s share of certain program costs, are not included in the schedule of expenditures of federal awards.
Title: U.S. DEPARTMENT OF AGRICULTURE INTERMEDIARY RELENDING PROGRAM
Accounting Policies: City: Expenditures reported on the schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the City’s general ledger.
Transit: The accompanying schedule of New York State Department of Transportation Assistance Expended of Greater Glens Falls Transit System is presented using the accrual basis of accounting. Grant awards are recorded as revenue when criteria for earning the revenue are met, generally when the expenditures of grant funds are made. Grant expenditures are recorded when the liability is incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee elected to use the 10% de minimis cost rate.
The City’s loan balance at January 1, 2023 was $140,618. They made principal payments of$7,768 and interest payments of $1,406 during 2023, leaving an ending balance at December 31, 2023 of $132,850. See the notes to the City’s general purpose financial statements. During 2023, the USDA required the Greater Glens Falls Local Development Corporation (LDC) to maintain a loan reserve of 6% of the outstanding loan receivable balances financed by this loan. The reserve balance at December 31, 2023, was $10,758.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: City: Expenditures reported on the schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the City’s general ledger.
Transit: The accompanying schedule of New York State Department of Transportation Assistance Expended of Greater Glens Falls Transit System is presented using the accrual basis of accounting. Grant awards are recorded as revenue when criteria for earning the revenue are met, generally when the expenditures of grant funds are made. Grant expenditures are recorded when the liability is incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee elected to use the 10% de minimis cost rate.
The accompanying schedule of New York State Department of Transportation Assistance Expended of Greater Glens Falls Transit System presents the activity of all financial assistance programs provided by the New York State Department of Transportation.
Title: Basis of Accounting
Accounting Policies: City: Expenditures reported on the schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the City’s general ledger.
Transit: The accompanying schedule of New York State Department of Transportation Assistance Expended of Greater Glens Falls Transit System is presented using the accrual basis of accounting. Grant awards are recorded as revenue when criteria for earning the revenue are met, generally when the expenditures of grant funds are made. Grant expenditures are recorded when the liability is incurred.
De Minimis Rate Used: Y
Rate Explanation: The auditee elected to use the 10% de minimis cost rate.
The accompanying schedule of New York State Department of Transportation Assistance Expended of Greater Glens Falls Transit System is presented using the accrual basis of accounting. Grant awards are recorded as revenue when criteria for earning the revenue are met, generally when the expenditures of grant funds are made. Grant expenditures are recorded when the liability is incurred.