Audit 344808

Title: Federal Loan Programs Accounting Policies: Note 1: Basis of Presentation The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the City of South Bend, Indiana (City) under programs of the federal government for the year ended December 31, 2023 . The accompanying notes are an integral part of this Schedule. 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. Note 2: Summary of Significant Accounting Policies Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following cost principles contained in the Uniform Guidance or other applicable regulatory guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. De Minimis Rate Used: N Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform Guidance. The Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) requires that the Economic Adjustment Assistance program, Federal Assistance Listing Number 11.307, federal awards expended be reported on the Schedule of Expenditures of Federal Awards as shown below for the year ended December 31, 2023: $6,243,673 Revolving loan fund loans outstanding 1,256,010 Revolving loan fund cash and investments 19,023 Revolving loan fund administrative expenses $7,518,706 Total