Notes to SEFA
Title: NOTE B – NONCASH ASSISTANCE
Accounting Policies: NOTE A – SUMMARY OF ACCOUNTING POLICIES
1.Scope of Single Audit
The accompanying Schedule of Expenditures of Federal Awards presents all activity of federal award programs of the City of Albany (City) (primary government) but does not include the activity of the federal awards programs, if any, of the component units for the year ended December 31, 2023. Only the primary government’s awards received directly from federal and state agencies, as well as federal awards passed through other government agencies, are included on the Schedule of Expenditures of Federal Awards.
2.Basis of Accounting
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting used by the City in reporting these programs to the federal government.
De Minimis Rate Used: N
Rate Explanation: 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% de minimis indirect cost rate.
The City had no awards expended in the form of noncash assistance during the year ended December 31, 2023.
Title: NOTE C – LOANS AND LOAN GUARANTEES
Accounting Policies: NOTE A – SUMMARY OF ACCOUNTING POLICIES
1.Scope of Single Audit
The accompanying Schedule of Expenditures of Federal Awards presents all activity of federal award programs of the City of Albany (City) (primary government) but does not include the activity of the federal awards programs, if any, of the component units for the year ended December 31, 2023. Only the primary government’s awards received directly from federal and state agencies, as well as federal awards passed through other government agencies, are included on the Schedule of Expenditures of Federal Awards.
2.Basis of Accounting
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting used by the City in reporting these programs to the federal government.
De Minimis Rate Used: N
Rate Explanation: 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% de minimis indirect cost rate.
The City had no federal loans or federal loan guarantees outstanding as of December 31, 2023.
Title: NOTE D – INSURANCE
Accounting Policies: NOTE A – SUMMARY OF ACCOUNTING POLICIES
1.Scope of Single Audit
The accompanying Schedule of Expenditures of Federal Awards presents all activity of federal award programs of the City of Albany (City) (primary government) but does not include the activity of the federal awards programs, if any, of the component units for the year ended December 31, 2023. Only the primary government’s awards received directly from federal and state agencies, as well as federal awards passed through other government agencies, are included on the Schedule of Expenditures of Federal Awards.
2.Basis of Accounting
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting used by the City in reporting these programs to the federal government.
De Minimis Rate Used: N
Rate Explanation: 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% de minimis indirect cost rate.
The City did not participate in any federal insurance programs as of December 31, 2023.