Title: BASIS OF PRESENTATION
Accounting Policies: The SEFA is presented in accordance with accounting principles generally accepted in the United States of America and is derived from the City’s general ledger. Federal expenditures are recorded when an allowable cost is incurred under the applicable program and is due and payable. For programs with funding ceilings and caps, federal expenditures are only recorded and presented in the SEFA up to such amounts.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards presents the activity of federal financial assistance programs administered by the City of Binghamton, New York, an entity as defined in the basic financial statements. Federal awards that are included in this schedule may be received from federal agencies, as well as federal awards that are passed through from other governmental agencies. Expenditures reported on the schedule of expenditures of federal awards are reported on the modified accrual basis of accounting. The information in this schedule is presented in accordance with requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the presentation of, the basic financial statements.
Title: BASIS OF ACCOUNTING
Accounting Policies: The SEFA is presented in accordance with accounting principles generally accepted in the United States of America and is derived from the City’s general ledger. Federal expenditures are recorded when an allowable cost is incurred under the applicable program and is due and payable. For programs with funding ceilings and caps, federal expenditures are only recorded and presented in the SEFA up to such amounts.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The SEFA is presented in accordance with accounting principles generally accepted in the United States of America and is derived from the City’s general ledger. Federal expenditures are recorded when an allowable cost is incurred under the applicable program and is due and payable. For programs with funding ceilings and caps, federal expenditures are only recorded and presented in the SEFA up to such amounts.
Title: LOANS RECEIVABLE
Accounting Policies: The SEFA is presented in accordance with accounting principles generally accepted in the United States of America and is derived from the City’s general ledger. Federal expenditures are recorded when an allowable cost is incurred under the applicable program and is due and payable. For programs with funding ceilings and caps, federal expenditures are only recorded and presented in the SEFA up to such amounts.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Community Development Block Grant (AL #14.218)
The City provides low-interest microenterprise, facade and revolving fund loans to support your business growth through property acquisition, start-up and expansion. The program is funded through the City’s Federal Community Development Block Grant. The various loans awarded range from $5,000 to $100,000. The loans are to be repaid in monthly installments over 5 to 10 years at an interest rate of 4.75%. The interest received is considered to be program income and is used to pay administrative costs associated with the program as well as for subsequent loans. At December 31, 2023, the outstanding principal balance of those loans were $2,636,626.
HOME Investment Partnership Program (AL #14.239)
The City provides deferred renovation loans to eligible owner-occupants of single unit structures. The program is funded through the City’s Federal HOME Investment Partnerships Program. The various loans awarded in amounts up to $25,000 plus additional funds needed for the mitigation of lead hazards. The loans are to be repaid based upon the post renovation period of owner-occupancy. At December 31, 2023, the outstanding principal balance of those loans were $3,134,297.
Title: INDIRECT COSTS
Accounting Policies: The SEFA is presented in accordance with accounting principles generally accepted in the United States of America and is derived from the City’s general ledger. Federal expenditures are recorded when an allowable cost is incurred under the applicable program and is due and payable. For programs with funding ceilings and caps, federal expenditures are only recorded and presented in the SEFA up to such amounts.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
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. The City has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: MATCHING COSTS
Accounting Policies: The SEFA is presented in accordance with accounting principles generally accepted in the United States of America and is derived from the City’s general ledger. Federal expenditures are recorded when an allowable cost is incurred under the applicable program and is due and payable. For programs with funding ceilings and caps, federal expenditures are only recorded and presented in the SEFA up to such amounts.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Matching costs, i.e., the City’s share of certain program costs, are not included in the reported expenditures.