Title: Note A--Basis of Presentation
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or as limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Metro Government has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (“SEFA”) includes the federal grant activity of Louisville/Jefferson County Metro Government (“Metro Government”). The information in this SEFA 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 Metro Government, it is not intended to and does not present the financial position, changes in net assets, or cash flows of Metro Government.
Title: Note B--Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or as limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Metro Government has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or as limited as to reimbursement. The basic financial statements of Metro Government are presented on the modified accrual basis of accounting for the governmental fund financial statements and the accrual basis of accounting for the government-wide, proprietary fund, and fiduciary fund financial statements. Thus, amounts reported on the Schedule may not directly agree to the amounts reported in the basic financial statements. The accompanying SEFA reflects certain adjustments resulting from transfers of funds between grants, adjustments, or credits made in the normal course of business. As a result, certain grants reflect negative expenditures. Federal assistance listing numbers or other identifying numbers listed on the SEFA were obtained from the respective grant/contract agreement.
Title: Note C--Indirect Cost Rate
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or as limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Metro Government has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Metro Government has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note D--Programs From Multiple Funding Sources
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or as limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Metro Government has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Uniform Guidance Part 200, Subpart A defines a recipient as "a non-federal entity that expends federal awards received directly from a federal awarding agency to carry out a federal program" and a passthrough entity as "a non-federal entity that provides a federal award to a sub-recipient to carry out a federal program." Federal program funds can be received directly from the federal government or passed through from another entity. Below is a list of federal programs that are funded from more than a single funding source. They may be either (1) multiple passed through agencies, or (2) both direct and passed through. All other federal programs listed on the SEFA are from a single source, and therefore the program totals are evident in the SEFA.
Title: Note E--Economic Adjustment Assistance Program
Accounting Policies: Expenditures reported on the SEFA are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and/or OMB Circular A-87, Cost Principles for State, Local and Indian Tribal Governments, wherein certain types of expenditures are not allowable or as limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: Metro Government has not elected to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.
Metro Government has an U. S. Economic Development Administration (“EDA”) revolving loan fund (“RLF”) under the Economic Adjustment Assistance Program, Federal Assistance Listing Number (“FALN”) 11.307. According to the OMB Compliance Supplement, for purposes of completing the SEFA, each EDA RLF (FALN 11.307) should be shown as a separate line item calculated as follows: 1. Balance of RLF loan outstanding at the end of the recipient’s fiscal year, plus
2. Cash and Investment balances in the RLF at the end of the recipient’s fiscal year, plus
3. Administrative expenses paid out of the RLF income during recipient’s fiscal year, plus
4. The unpaid principal of all loans written off during the recipient’s fiscal year; and then multiply this sum (1+2+3+4) by
5. The Federal share of the RLF. The Federal share is defined as the Federal participation rate (or the Federal grant rate) as specified in the grant award. The calculation to arrive at the RLF amount shown on the SEFA as of year ended June 30, 2024 is as follows: