Title: Basis of Presentation
Accounting Policies: Federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, endowments, or direct appropriations. Federal financial assistance does not include direct federal cash assistance to individuals. Assistance Listing Number - Uniform Guidance requires the Schedule to show the total expenditures for each of the City's federal financial assistance programs as indentified in the Assistance Listing Number (ALN). The ALN is a government-waide summary of individual federal programs. Each program included in the ALN is assigned a five-digit program indentification number (ALN) which is reflected in the schedule. Federal financial assistance programs and contracts which have not been assigned a ALN have been identified as "None" in the ALN column of the schedule. Type A and Type B Programs - The Single Audit Act of 1984 (as amended) and the Uniform Guidance establish the levels to be used in defining Type A and Type B federal programs. Type A programs for the City are those programs that exceeded $750,000 in the federal awards expended for the fiscal year ended June 30, 2024. All other programs are classified as Type B by the City. The City reporting entity is fully described in Footnote 1.A. of the City's basic financial statements. The Schedule includes all federal financial assistance programs administered by the City for the year ended June 30, 2024. Expenditures reported in the Schedule are reported on the same basis of accounting used for each fund as described in Footnote 1.C. of the City's basic financial statements. When applicable, 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.
De Minimis Rate Used: N
Rate Explanation: The City doesn't apply indirect costs to programs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of Layton City Corporation (the City) under programs of the federal government for the year ended June 30, 2024. The information is presented in accordance with the requirements fo Title 2 U.S. Code of Federal Regulations (CFR) 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 fund balance, or cash flows of the City.
Title: Significant Accounting Policies
Accounting Policies: Federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, endowments, or direct appropriations. Federal financial assistance does not include direct federal cash assistance to individuals. Assistance Listing Number - Uniform Guidance requires the Schedule to show the total expenditures for each of the City's federal financial assistance programs as indentified in the Assistance Listing Number (ALN). The ALN is a government-waide summary of individual federal programs. Each program included in the ALN is assigned a five-digit program indentification number (ALN) which is reflected in the schedule. Federal financial assistance programs and contracts which have not been assigned a ALN have been identified as "None" in the ALN column of the schedule. Type A and Type B Programs - The Single Audit Act of 1984 (as amended) and the Uniform Guidance establish the levels to be used in defining Type A and Type B federal programs. Type A programs for the City are those programs that exceeded $750,000 in the federal awards expended for the fiscal year ended June 30, 2024. All other programs are classified as Type B by the City. The City reporting entity is fully described in Footnote 1.A. of the City's basic financial statements. The Schedule includes all federal financial assistance programs administered by the City for the year ended June 30, 2024. Expenditures reported in the Schedule are reported on the same basis of accounting used for each fund as described in Footnote 1.C. of the City's basic financial statements. When applicable, 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.
De Minimis Rate Used: N
Rate Explanation: The City doesn't apply indirect costs to programs.
Federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, endowments, or direct appropriations. Federal financial assistance does not include direct federal cash assistance to individuals. Assistance Listing Number - Uniform Guidance requires the Schedule to show the total expenditures for each of the City's federal financial assistance programs as indentified in the Assistance Listing Number (ALN). The ALN is a government-waide summary of individual federal programs. Each program included in the ALN is assigned a five-digit program indentification number (ALN) which is reflected in the schedule. Federal financial assistance programs and contracts which have not been assigned a ALN have been identified as "None" in the ALN column of the schedule. Type A and Type B Programs - The Single Audit Act of 1984 (as amended) and the Uniform Guidance establish the levels to be used in defining Type A and Type B federal programs. Type A programs for the City are those programs that exceeded $750,000 in the federal awards expended for the fiscal year ended June 30, 2024. All other programs are classified as Type B by the City. The City reporting entity is fully described in Footnote 1.A. of the City's basic financial statements. The Schedule includes all federal financial assistance programs administered by the City for the year ended June 30, 2024. Expenditures reported in the Schedule are reported on the same basis of accounting used for each fund as described in Footnote 1.C. of the City's basic financial statements. When applicable, 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.
Title: Indirect Cost Rate
Accounting Policies: Federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, endowments, or direct appropriations. Federal financial assistance does not include direct federal cash assistance to individuals. Assistance Listing Number - Uniform Guidance requires the Schedule to show the total expenditures for each of the City's federal financial assistance programs as indentified in the Assistance Listing Number (ALN). The ALN is a government-waide summary of individual federal programs. Each program included in the ALN is assigned a five-digit program indentification number (ALN) which is reflected in the schedule. Federal financial assistance programs and contracts which have not been assigned a ALN have been identified as "None" in the ALN column of the schedule. Type A and Type B Programs - The Single Audit Act of 1984 (as amended) and the Uniform Guidance establish the levels to be used in defining Type A and Type B federal programs. Type A programs for the City are those programs that exceeded $750,000 in the federal awards expended for the fiscal year ended June 30, 2024. All other programs are classified as Type B by the City. The City reporting entity is fully described in Footnote 1.A. of the City's basic financial statements. The Schedule includes all federal financial assistance programs administered by the City for the year ended June 30, 2024. Expenditures reported in the Schedule are reported on the same basis of accounting used for each fund as described in Footnote 1.C. of the City's basic financial statements. When applicable, 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.
De Minimis Rate Used: N
Rate Explanation: The City doesn't apply indirect costs to programs.
The City has not elected to use the 10% de minimis cost rate.
Title: Non-Cash Assistance
Accounting Policies: Federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, endowments, or direct appropriations. Federal financial assistance does not include direct federal cash assistance to individuals. Assistance Listing Number - Uniform Guidance requires the Schedule to show the total expenditures for each of the City's federal financial assistance programs as indentified in the Assistance Listing Number (ALN). The ALN is a government-waide summary of individual federal programs. Each program included in the ALN is assigned a five-digit program indentification number (ALN) which is reflected in the schedule. Federal financial assistance programs and contracts which have not been assigned a ALN have been identified as "None" in the ALN column of the schedule. Type A and Type B Programs - The Single Audit Act of 1984 (as amended) and the Uniform Guidance establish the levels to be used in defining Type A and Type B federal programs. Type A programs for the City are those programs that exceeded $750,000 in the federal awards expended for the fiscal year ended June 30, 2024. All other programs are classified as Type B by the City. The City reporting entity is fully described in Footnote 1.A. of the City's basic financial statements. The Schedule includes all federal financial assistance programs administered by the City for the year ended June 30, 2024. Expenditures reported in the Schedule are reported on the same basis of accounting used for each fund as described in Footnote 1.C. of the City's basic financial statements. When applicable, 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.
De Minimis Rate Used: N
Rate Explanation: The City doesn't apply indirect costs to programs.
No federal awards were expended in the form of non-cash assistance
Title: Housing grant repayment provisions
Accounting Policies: Federal financial assistance is defined as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance, endowments, or direct appropriations. Federal financial assistance does not include direct federal cash assistance to individuals. Assistance Listing Number - Uniform Guidance requires the Schedule to show the total expenditures for each of the City's federal financial assistance programs as indentified in the Assistance Listing Number (ALN). The ALN is a government-waide summary of individual federal programs. Each program included in the ALN is assigned a five-digit program indentification number (ALN) which is reflected in the schedule. Federal financial assistance programs and contracts which have not been assigned a ALN have been identified as "None" in the ALN column of the schedule. Type A and Type B Programs - The Single Audit Act of 1984 (as amended) and the Uniform Guidance establish the levels to be used in defining Type A and Type B federal programs. Type A programs for the City are those programs that exceeded $750,000 in the federal awards expended for the fiscal year ended June 30, 2024. All other programs are classified as Type B by the City. The City reporting entity is fully described in Footnote 1.A. of the City's basic financial statements. The Schedule includes all federal financial assistance programs administered by the City for the year ended June 30, 2024. Expenditures reported in the Schedule are reported on the same basis of accounting used for each fund as described in Footnote 1.C. of the City's basic financial statements. When applicable, 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.
De Minimis Rate Used: N
Rate Explanation: The City doesn't apply indirect costs to programs.
The City uses CDBG Entitlement funds to provide down payment assistance and property purchases for applicants that qualify under the low to moderate income housing guidelines. The City requires those who receive assistance to sign a promissory note stating that they will repay a prorated portion of the grant if the property is sold within 5 to 15 years, depending on the terms of the agreement. For down payment assistance, a recipient can be forgiven 20% of the grant each year that they remain in the home used for the program. For the low-income housing projects, the City purchases the property with CDBG funds and then works with Davis School District or another nonprofit organization to have them build a qualifying home for low- income housing. The qualifying recipient of the home signs a promissory note with the City that will forgive 10% of the grant funds for each year they remain in the home after the first five years. The City places a lien on the property for both programs described above in the event of default. Any amounts repaid to the City under the terms of the agreement are treated as CDBG program income.
Grants with repayment stipulations outstanding at June 30, 2024 and new loans issued during the year ended June 30, 2024, include the following: