Title: 1- BASIS OF PRESENTATION
Accounting Policies: MODIFIED ACCRUAL
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal grant activity of the Municipality of Salinas (Municipality) 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). Therefore, some amounts presented in this Schedule may differ from the amounts presented in the preparation of the basic financial statements.
Title: 2-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: MODIFIED ACCRUAL
De Minimis Rate Used: N
Rate Explanation: N/A
a. The Schedule is prepared from Municipality’s accounting records and presents only a selected portion of the operations of the Municipality, it is not intended to, and does not present, the financial position or changes in net position of the Municipality. b. The Municipality in accordance with the terms and conditions of the grants, records the financial transactions which are consistent with accounting principles generally accepted in the United States of America. c. Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first. d. Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, except for Section 8 Housing Choice Voucher Program (HCV). Expenditures for HCV Program are equal to the ACC subsidy for the PHA fiscal period. Expenditures for Disaster Grants- Public Assistance (FEMA) are recognized in the period when; (a) FEMA has approved the PW and (b) eligible expenditures are incurred. e. State or local government redistributions of federal awards to the Municipality, known as “pass– through awards”, should be treated by the Municipality as though they were received directly from the federal government. The Uniform Guidance requires the Schedule to include the name of the pass–through entity and the identifying number assigned by the pass-through entity for the federal awards received as a sub recipient. Items identified as N/AV represents identifying numbers that were not available.
Title: 3- ASSISTANCE LISTING NUMBER
Accounting Policies: MODIFIED ACCRUAL
De Minimis Rate Used: N
Rate Explanation: N/A
The Assistance Listing Number (ALN), formerly known as the Catalog of Federal Domestic Assistance (CFDA) Number, is a five-digit number assigned in the awarding document for all federal assistance award mechanisms, including federal grants and cooperative agreements. Assistance listings are detailed public descriptions of federal programs that provide grants, loans, scholarships, insurance, and other types of assistance awards. The Sam.gov assistance listing is the publicly available online database showing all available Federally-funded programs.
Title: 4-INDIRECT COSTS
Accounting Policies: MODIFIED ACCRUAL
De Minimis Rate Used: N
Rate Explanation: N/A
The Municipality has elected not to use the 10% de minimis cost rate allowed under the Uniform Guidance. The Municipality did not charge indirect cost to federal grants during the year ended June 30, 2024
Title: 5-RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: MODIFIED ACCRUAL
De Minimis Rate Used: N
Rate Explanation: N/A
Amounts reported in the accompanying Schedule are included in the General Fund, USHUD-Community Development Block Grant Program Fund, Disaster Grants Fund, American Rescue Plan Act Fund, and the Other Governmental Funds in the Municipality’s fund financial statements. Following is a reconciliation between the expenditures in the fund financial statements and expenditures in the Schedule is as follows:
Title: 5-RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: MODIFIED ACCRUAL
De Minimis Rate Used: N
Rate Explanation: N/A
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Title: 6-COMMUNITY DISASTER LOANS (ASSISTANCE LISTING NO. 97.030
Accounting Policies: MODIFIED ACCRUAL
De Minimis Rate Used: N
Rate Explanation: N/A
The Community Disaster Loan awarded by FEMA with a total issue of $2,664,755 at an interest rate of 0.250%. This note provides operational funding for local governments to continue to operate after a substantial revenue loss caused by a disaster. The CDL payments due to this loan are under evaluation by the Federal Government.
Title: 6-COMMUNITY DISASTER LOANS (ASSISTANCE LISTING NO. 97.030
Accounting Policies: MODIFIED ACCRUAL
De Minimis Rate Used: N
Rate Explanation: N/A
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