Title: NOTE 1 BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified basis or accrual basis of accounting depending on whether the grant is being reported in a governmental fund or a proprietary fund. 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 represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The City 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 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), and
presents the activity of all federal awards programs of the City of Chico for the year ended June 30, 2024. 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: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified basis or accrual basis of accounting depending on whether the grant is being reported in a governmental fund or a proprietary fund. 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 represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414.
Expenditures reported on the Schedule are reported on the modified basis or accrual basis of accounting depending on whether the grant is being reported in a governmental fund or a proprietary fund. 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 represent adjustments or
credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: NOTE 3 ASSISTANCE LISTING NUMBER (ALN)
Accounting Policies: Expenditures reported on the Schedule are reported on the modified basis or accrual basis of accounting depending on whether the grant is being reported in a governmental fund or a proprietary fund. 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 represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414.
The Assistance Listing numbers included in this report were determined based on the program name, review of grant or contract information, and the Office of Management and Budget’s Catalog of Federal Domestic Assistance.
Title: NOTE 4 INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the modified basis or accrual basis of accounting depending on whether the grant is being reported in a governmental fund or a proprietary fund. 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 represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414.
The City did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414.
Title: NOTE 5 PASS-THROUGH ENTITIES’ IDENTIFYING NUMBER
Accounting Policies: Expenditures reported on the Schedule are reported on the modified basis or accrual basis of accounting depending on whether the grant is being reported in a governmental fund or a proprietary fund. 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 represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414.
When federal awards were received from a pass-through entity, the schedule of expenditures of federal awards shows, if available, the identifying number assigned by the
pass-through entity. When no identifying number is shown, the City determined that no identifying number is assigned for the program, or the City was unable to obtain an identifying number from the pass-through entity.
Title: NOTE 6 LOANS WITH CONTINUING COMPLIANCE REQUIREMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified basis or accrual basis of accounting depending on whether the grant is being reported in a governmental fund or a proprietary fund. 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 represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10 percent de minimis indirect cost rate as covered in 2 CFR §200.414.
Outstanding federally-funded program loans, with a continuing compliance requirement, carried balances as of June 30, 2024 as follows: