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 wherein certain types of expenditures are not allowed or are limited as to reimbursement. Negative amounts shown on the Schedule or Notes to the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where applicable.
De Minimis Rate Used: N
Rate Explanation: City develops an annual Indirect Cost Rate Allocation plan following 2 CFR 200 certification process.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the City of Portland, Oregon (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 net position or cash flows of the City.
Title: Summary of Significant Accounting Policies
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 wherein certain types of expenditures are not allowed or are limited as to reimbursement. Negative amounts shown on the Schedule or Notes to the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where applicable.
De Minimis Rate Used: N
Rate Explanation: City develops an annual Indirect Cost Rate Allocation plan following 2 CFR 200 certification process.
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 wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule or Notes to the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where applicable
Title: Federal Loan Programs
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 wherein certain types of expenditures are not allowed or are limited as to reimbursement. Negative amounts shown on the Schedule or Notes to the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where applicable.
De Minimis Rate Used: N
Rate Explanation: City develops an annual Indirect Cost Rate Allocation plan following 2 CFR 200 certification process.
The federal loans under the federal program listed subsequently are administered directly by the City and balances and transactions relating to this program are included in the City's basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balance of loans outstanding at June 30, 2024 consists of:
Federal Assistance Listing Number: 14.239
Program Name: US Department of Housing and Urban Development HOME Investment Partnerships Program
Outstanding Balance at June 30, 2024: $73,900,284
Title: Election of De Minimis Indirect Rate
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 wherein certain types of expenditures are not allowed or are limited as to reimbursement. Negative amounts shown on the Schedule or Notes to the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where applicable.
De Minimis Rate Used: N
Rate Explanation: City develops an annual Indirect Cost Rate Allocation plan following 2 CFR 200 certification process.
During the year ended June 30, 2024, the City did not elect to use the ten percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Economic Adjustment Assistance Program
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 wherein certain types of expenditures are not allowed or are limited as to reimbursement. Negative amounts shown on the Schedule or Notes to the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where applicable.
De Minimis Rate Used: N
Rate Explanation: City develops an annual Indirect Cost Rate Allocation plan following 2 CFR 200 certification process.
The City has an EDA revolving loan fund (RLF) under the Economic Adjustment Assistance Program, Federal Assistance Listing Number 11.307. According to the OMB Compliance Supplement, for purposes of completing the Schedule, each EDA RLF (Federal Assistance Listing Number 11.307) should be shown as a separate line item calculated as follows:
1. Balance of RLF loans outstanding at the end of the recipient's fiscal year, plus
2. Cash and investment balance in the RLF at the end of the recipient's fiscal year, plus
3. Administrative expenses paid out of RLF income during the recipient's fiscal year, multiplied by
4. The Federal share of the RLF. The Federal share is defined as the Federal participation rate (or the Federal grant rate) as specified in the grant award.
The figures used in this calculation to arrive at the RLF amount to be shown on the Schedule are as of June 30, 2024, and the calculation is as follows:
Federal Assistance Listing Number
Program Name
Outstanding Balance at June 30, 2024
11.307
US Department of Commerce Economic Adjustment Assistance Program-EDA Revolving Loan Fund $ 4,218,405
EDA Agreement #07-79-07618
Loans Receivable $ 1,117,325
Cash $ 318,361
Administrative Costs $ 6,545
$ 1,442,231
Federal Participation Rate 100%
Federal Share of Revolving Loan Fund $ 1,442,231
EDA Agreement #07-39-02259
Loans Receivable $ 1,418,553
Cash $ 1,350,056
Administrative Costs $ 57,770
$ 2,826,379
Federal Participation Rate 98%
Federal Share of Revolving Loan Fund $ 2,776,174
Total Federal Share of Revolving Loan Fund $ 4,218,405