Notes to SEFA
Title: Capitalized Grants
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes federal grant activity of City of Willamina under programs of the federal government for the year ended June 30, 2024. 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 City of Willamina, it is not intended to and does not present the financial position, changes in net assets or cash flows of City of Willamina. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Did not use the de minimis cost rate
During the year ended June 30, 2024 the City capitalized $4,485,238 of federal expenditures as water system improvements.
Title: Federal Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards (the “Schedule”) includes federal grant activity of City of Willamina under programs of the federal government for the year ended June 30, 2024. 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 City of Willamina, it is not intended to and does not present the financial position, changes in net assets or cash flows of City of Willamina. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: Did not use the de minimis cost rate
The City was approved by the U.S. Environmental Protection Agency to receive a loan up to $4,914,660 for the water system improvement project. The loan balance outstanding at June 30, 2024 is $1,502,334.