Title: ECONOMIC ADJUSTMENT ASSISTANCE PROGRAM (EDA)
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the City of Springfield (the City) under programs of the federal government for the year ended December 31, 2022. The information on this Schedule is prepared 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. Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in OMB Circular A-87 Cost Principles for State, Local, and Indian Tribal Governments (codified in 2 CFR Part 225), or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be 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 as allowed under the Uniform Guidance.
The City has an EDA revolving loan fund (RLF) under the Economic Adjustment Assistance Program, ALN 11.307. According to the OMB Compliance Supplement, for purposes of completing the Schedule, each EDA RLF (ALN 11.307) should be shown as a separate line item calculated as follows: 1. Balance of RLF loans outstanding at the end of the recipients fiscal year, plus; 2. Cash and investment balances in the RLF at the end of the recipients fiscal year, plus; 3. Administrative expenses paid out of the RLF income during the recipients fiscal year, plus; 4. The unpaid principal of all loans written off during the recipients 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 Schedule as of December 31, 2022 is as follows: RLF Loans Outstanding: $581,195, RLF Cash/Investment Balance: $206,802, Administrative Expenses 2022: $3,802, Unpaid Principal Written Off 2022: $0, Total: $791,799, Federal Share: 73.16%, RLF Federal Expenditures: $579,280.EDA released its federal interest effective April 27, 2022.The City also has a COVID-19 EDA RLF under the Economic Adjustment Assistance Program, ALN 11.307. The calculation to arrive at the COVID-19 RLF amount shown on the Schedule as of December 31, 2022 is as follows: COVID-19 RLF Loans Outstanding: $683,477, COVID-19 RLF Cash/Investment Balance: $87,644, Administrative Expenses 2022: $30,101, Unpaid Principal Written Off 2022: $0, Total: $801,222, Federal Share: 100.00%, RLF Federal Expenditures: $801,222.
Title: SUBRECIPIENT PAYMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the City of Springfield (the City) under programs of the federal government for the year ended December 31, 2022. The information on this Schedule is prepared 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. Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in OMB Circular A-87 Cost Principles for State, Local, and Indian Tribal Governments (codified in 2 CFR Part 225), or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be 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 as allowed under the Uniform Guidance.
The City passes certain federal awards received from the U.S. Department of Housing and Urban Development and other federal agencies to other governments or not-for-profit agencies (subrecipients). As Note 2 describes, the City reports expenditures of Federal awards to subrecipients when paid in cash. As a subrecipient, the City has certain compliance responsibilities, such as monitoring its subrecipients to help assure they use these subawards as authorized by laws, regulations, and the provisions of contracts or grant agreements, and that subrecipients achieve the awards performance goals.
Title: MATCHING REQUIREMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal award activity of the City of Springfield (the City) under programs of the federal government for the year ended December 31, 2022. The information on this Schedule is prepared 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. Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following, as applicable, either the cost principles contained in OMB Circular A-87 Cost Principles for State, Local, and Indian Tribal Governments (codified in 2 CFR Part 225), or the cost principles contained in the Uniform Guidance, wherein certain types of expenditures may or may not be allowable or may be 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 as allowed under the Uniform Guidance.
Certain Federal programs require the City to contribute non-Federal funds (matching funds) to support the Federally-funded programs. The City has met its matching requirements. The Schedule does not include the expenditure of non-Federal matching funds.