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 allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414.
The accompanying Schedule of Expenditures of Federal Awards includes the Town's federal grant activity
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 Town, it is not intended to and does not present
the financial position, changes in net position, or cash flows of the Town.
Title: FEDERAL ASSISTANCE LISTING NUMBERS
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 allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414.
The program titles and federal assistance numbers were obtained from the federal or pass-through grantor
or the 2024 Catalog of Federal Domestic Assistance.
Title: PROGRAM INCOME
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 allowable or are limited as to reimbursement. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements.
De Minimis Rate Used: N
Rate Explanation: The Town did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414.
The Town of Sahuarita, Arizona completed a $4,655,256 building project (SAMTEC) in fiscal year 2021 for which $3 million was funded through an Economic Development Agency (EDA) grant. The Town has since entered into building lease agreements that require the Town to provide funding for tenant improvements (TIs). The Town's leasing fees and charges are set at market levels (a requirement under the EDA grant) and account for and are adjusted dependent upon the amount of TI allowance provided. Lease revenues qualify as program income under the EDA grant.
In fiscal year 2024, the Town paid $31,276 for TIs using local funds. A transfer was recorded in the GARSSAMTEC fund to account for the General Fund advance which was used to pay for the TIs. The following is a summary of the balance of the advance, repayment on the advance, program income received, and allowable costs charged against the program income received.
General Fund Advance-Beginning Balance 1,154,548
Additional General Fund Contribution 31,276
General Fund Advance-Ending Balance $ 1,185,824
Sources
Program Income Carryover-Beginning Balance $ 20,881
Current Year Program Income Received 215,775
Uses
Current Year Repayment of Advance -
Economic Development Activities -
Administration, Operation, Maintenance, and Repair Costs (117,001)
Total Program Income Recognized as Current Year Federal Expenditures (117,001)
Program Income Carryover $ 119,655