Notes to SEFA
Title: LOANS OUTSTANDING
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes Federal grant activity of New Castle County, Delaware and is presented on the modified accrual basis of accounting. Matching funds are excluded from the schedule and the Program Income generated from Federal Grants is classified as Federal Expenditures when spent. The information on this schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards. Some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Summary of Significant Account Policies
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards, with the exception of Assistance Listing Number 21.019, which follows criteria determined by the Department of Treasury for allowability of costs. Under these principles, 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 County did not elect to use the 10% De Minimis cost rate for indirect costs.
New Castle County, Delaware administers low-income housing loan programs under the Community Development Block Grant, Home Investment Partnership Program, and Neighborhood Stabilization Program (NSP). The County had the following loan balances
outstanding at June 30, 2024:
Federal
ALN Amount
Program Title Number Outstanding
Community Development Block Grants/Entitlement Grants
14.CDBG $ 9,669,366
Home Investment Partnerships Program 14.239 3,827,650
NSP Grants G40400099,G40400100, and G40400101 14.218,14.256,14.228 587,917
$ 14,084,933
Title: RECLASSIFICATION OF PRIOR YEAR EXPENDITURE
Accounting Policies: BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes Federal grant activity of New Castle County, Delaware and is presented on the modified accrual basis of accounting. Matching funds are excluded from the schedule and the Program Income generated from Federal Grants is classified as Federal Expenditures when spent. The information on this schedule is presented in accordance with Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards. Some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Summary of Significant Account Policies
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance for all awards, with the exception of Assistance Listing Number 21.019, which follows criteria determined by the Department of Treasury for allowability of costs. Under these principles, 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 County did not elect to use the 10% De Minimis cost rate for indirect costs.
Presidential Residence Protection Assist Grant (PRPA) (ALN 97.134)
The PRPA Grant program reimburses extraordinary law enforcement or other emergency personnel costs for protection activities directly and demonstrably associated with any residence of the President. For the year ended June 30, 2024, $488,698 of the approved
eligible expenditures were incurred in a prior year and are included on the Schedule.