Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the City, an entity as defined in Note 1 to the City's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The City has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information 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 preparation of the Financial Statements.
Title: Matching Costs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the City, an entity as defined in Note 1 to the City's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The City has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
Matching costs (for example, the City's share of certain program costs) are not included in the reported expenditures.
Title: Expenditures of Federal Revenue
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the City, an entity as defined in Note 1 to the City's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Indirect Costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The City has elected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance.
The City of Corning operates a revolving loan program utilizing federal financial assistance received under the Community Development Block Grants/Small Cities and Entitlement Programs. Loans outstanding at June 30, 2024 under this program, as reported in the City’s financial statements, are as follows:
Loans Receivable $187,914
No new loans were disbursed in the current year