Title: Loan/loan guarantee outstanding balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of New Bedford and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), Subpart F, Section 510(b).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
HOME INVESTMENT PARTNERSHIPS PROGRAM (14.239) - Balances outstanding at the end of the audit period were 12808793.
Title: Subrecipents
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of New Bedford and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), Subpart F, Section 510(b).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the Federal expenditures presented in the schedule, the City of New Bedford provided Federal awards to subrecipients as follows: Community Development Block Grant - Entitlement ALN#14.218 $2,715,345Emergency Shelter Grant - ALN#14.231 $1,267,020 Supportive Housing Program - ALN#14.235 $1,534,600
Title: Program Income
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of New Bedford and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), Subpart F, Section 510(b).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Citys Federal programs generated the following program income (2 CFR 200.80) during the fiscal year: Summer Food Service Program - ALN#10.559 $186,281 Community Development Block Grant - Entitlement - ALN#14.218 HOME Program - ALN#14.239 $335,561
Title: Loan Programs with Continuing Compliance Requirements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of New Bedford and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), Subpart F, Section 510(b).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Total expenditures in the accompanying schedule of expenditures of federal awards for the HOME Investment Partnership (HOME) program (Federal ALN 14.239) includes the total amount of new loans made during fiscal year 2022, as well as the unpaid principal balance from loans originated in previous years for which the Federal government imposed continuing compliance requirements through 42 USC 12701-12839 and 3535(d), with implementing regulations codified at 24 CFR part 92. As of June 30, 2021, the HOME program had loan balances subject to continuing compliance requirements of $12,808,793. Uniform Guidance (2 CFR 200.502) requires this amount be included in the basis for determining Federal awards expended on the current year schedule of expenditures of federal awards as the Federal government is at risk for the loans until the debt is repaid. The beginning balance of the loans subject to continuing compliance requirements was $12,503,025 at July 1, 2021.
Title: Non-Cash Assistance
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of New Bedford and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), Subpart F, Section 510(b).
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Included within the expenditures of the Child Nutrition Cluster in the Schedule of Expenditures of Federal Awards is $0 of USDA donated agricultural commodities that the City received during fiscal year 2022.