Notes to SEFA
Title: Federal Loans
Accounting Policies: This Schedule is prepared on the same basis of accounting as the City of College Place
financial statements. The City of College Place reports financial activity in accordance with
the Cash Basis Budgeting, Accounting and Reporting System (BARS) manual prescribed
by the State Auditor’s Office under the authority of Washington State law, Chapter 43.09
RCW.
De Minimis Rate Used: N
Rate Explanation: The City of College Place has not elected to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
(a) The city was approved by the USDA Rural Utilities service to receive a loan totaling
$2,838,000 to assist in building a sewer trunk line. Interim loan financing was received
for the construction period. The amount listed for this loan includes the total amount
received. The balance owing at the end of the period is $2,781,410.
(b) The City of College Place was approved by the EPA to receive loans totaling $6,596,512
to improve its drinking water system. The amount listed for this loan includes the total
amount received. The balance owing at the end of the period is $4,838,491. It is
determined each year at what portion of the loans are State or Federally funded.
The current year loans are reported on the City of College Place’s Schedule of Liabilities.
Title: Revolving Loan -Program Income
Accounting Policies: This Schedule is prepared on the same basis of accounting as the City of College Place
financial statements. The City of College Place reports financial activity in accordance with
the Cash Basis Budgeting, Accounting and Reporting System (BARS) manual prescribed
by the State Auditor’s Office under the authority of Washington State law, Chapter 43.09
RCW.
De Minimis Rate Used: N
Rate Explanation: The City of College Place has not elected to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
The City of College Place has a revolving loan program for drinking water with the
Department of Health. Under this federal program, repayments to the City of College
Place are considered program revenues and loans of such funds to eligible recipients are
considered expenditures. The amount of loan funds disbursed to program recipients for
the year was $1,376,283.92 and is presented in the Schedule of Liabilities. The loans are
split by the DOH according to the source of funds. The Federal portion for 2023 was
$0.00.
Title: Program Costs
Accounting Policies: This Schedule is prepared on the same basis of accounting as the City of College Place
financial statements. The City of College Place reports financial activity in accordance with
the Cash Basis Budgeting, Accounting and Reporting System (BARS) manual prescribed
by the State Auditor’s Office under the authority of Washington State law, Chapter 43.09
RCW.
De Minimis Rate Used: N
Rate Explanation: The City of College Place has not elected to use the 10-percent de minimis indirect cost
rate allowed under the Uniform Guidance.
The amounts shown as current year expenditures represent only the federal grant portion
of the program costs. Entire program costs, including the City of College Place portion
are more than shown. Such expenditures are recognized following, as applicable, either
the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian
Tribal Governments, or the cost principles contained in Title 2 U.S. Code of Federal
Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards, wherein certain types of expenditures are not
allowable or are limited as to reimbursement