Notes to SEFA
Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to utilize the 10 percent de minimis indirect cost rate. The Schools are using an allowed rate by the Virginia Department of Education for approved federal awards.
The City provided the following amounts to subrecipients during fiscal year 2024:
Program Title
Assistance
Listing Number Amount
Department of Housing and Urban Development
Community Development Block Grant Program 14.218 $ 113,750
Averett University
COVID-19 – Coronavirus State and Local Fiscal
Recovery Funds 21.027 $ 250,000
Danville Neighborhood Development Corporation
COVID-19 – Coronavirus State and Local Fiscal
Recovery Funds 21.027 $ 750,000
Danville Redevelopment & Housing Authority
COVID-19 – Coronavirus State and Local Fiscal
Recovery Funds 21.027 $ 109,000
Title: Outstanding Loan Balances
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to utilize the 10 percent de minimis indirect cost rate. The Schools are using an allowed rate by the Virginia Department of Education for approved federal awards.
At June 30, 2024, the City had no outstanding loan balances requiring continuing disclosure.