Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The City has 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 (the Schedule) includes the federal award activity of the City of Saginaw (the City) under programs of the federal government for the year ended June 30, 2024. 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, changes in financial position, or cash flows of the City.
Title: Reconciliation to the Financial Statements
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Governmental funds: $17,396,171
Component units: $1,042,000
Total federal grants per the financial statements: $18,438,171
Less: component units federal grants: ($1,042,000)
Change in deferred inflows: $18,520
Total federal grants per the schedule: $17,414,691
The component units federal grant amounts reported on the financial statements represent subrecipient amounts paid to the component units by the City, which are already reported in the total federal expenditures on the schedule.
Title: Subrecipients
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, where certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: Y
Rate Explanation: The City has elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Of the federal expenditures presented in the Schedule, the City provided federal awards to subrecipients as follows:
Assistance Listing Number - Amount
14.218 - $2,171,249
14.231 - $282,597
14.239 - $272,898
21.027 - $8,223,232
Total: $10,949,976