Title: A. General
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all Federal award programs of the County of Riverside, California (the County), except for the Federal awards granted to the Housing Authority of the County of Riverside, which is separately audited and reported on in accordance with the U.S. Office of Management and Budget (OMB) Uniform Guidance. Federal awards received directly from Federal agencies, as well as Federal awards passed through nonfederal agencies, primarily the State of California, except as noted above, are included on the schedule. The County’s reporting entity is defined in Note 1 to the County’s basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting for program expenditures accounted for in the governmental funds and the accrual basis of accounting for program expenditures accounted for in the proprietary funds as described in Note 1 to the County’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The County used its own indirect cost rates.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all Federal award programs of the County of Riverside, California (the County), except for the Federal awards granted to the Housing Authority of the County of Riverside, which is separately audited and reported on in accordance with the U.S. Office of Management and Budget (OMB) Uniform Guidance. Federal awards received directly from Federal agencies, as well as Federal awards passed through nonfederal agencies, primarily the State of California, except as noted above, are included on the schedule. The County’s reporting entity is defined in Note 1 to the County’s basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting for program expenditures accounted for in the governmental funds and the accrual basis of accounting for program expenditures accounted for in the proprietary funds as described in Note 1 to the County’s basic financial statements. Federal award expenditures agree, or can be reconciled with, the amounts reported in the County’s basic financial statements. Amounts reported in the Schedule of Expenditures of Federal Awards are in material agreement with the amounts reported in the related Federal financial reports for the Federal award programs.
Title: B. Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all Federal award programs of the County of Riverside, California (the County), except for the Federal awards granted to the Housing Authority of the County of Riverside, which is separately audited and reported on in accordance with the U.S. Office of Management and Budget (OMB) Uniform Guidance. Federal awards received directly from Federal agencies, as well as Federal awards passed through nonfederal agencies, primarily the State of California, except as noted above, are included on the schedule. The County’s reporting entity is defined in Note 1 to the County’s basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting for program expenditures accounted for in the governmental funds and the accrual basis of accounting for program expenditures accounted for in the proprietary funds as described in Note 1 to the County’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The County used its own indirect cost rates.
The accompanying Schedule of Expenditures of Federal Awards is presented using the modified
accrual basis of accounting for program expenditures accounted for in the governmental funds and
the accrual basis of accounting for program expenditures accounted for in the proprietary funds as
described in Note 1 to the County’s basic financial statements.
Title: C. Relationship to Basic Financial Statements
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all Federal award programs of the County of Riverside, California (the County), except for the Federal awards granted to the Housing Authority of the County of Riverside, which is separately audited and reported on in accordance with the U.S. Office of Management and Budget (OMB) Uniform Guidance. Federal awards received directly from Federal agencies, as well as Federal awards passed through nonfederal agencies, primarily the State of California, except as noted above, are included on the schedule. The County’s reporting entity is defined in Note 1 to the County’s basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting for program expenditures accounted for in the governmental funds and the accrual basis of accounting for program expenditures accounted for in the proprietary funds as described in Note 1 to the County’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The County used its own indirect cost rates.
Federal award expenditures agree, or can be reconciled with, the amounts reported in the County’s
basic financial statements.
Title: D. Relationship to Federal Financial Reports
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all Federal award programs of the County of Riverside, California (the County), except for the Federal awards granted to the Housing Authority of the County of Riverside, which is separately audited and reported on in accordance with the U.S. Office of Management and Budget (OMB) Uniform Guidance. Federal awards received directly from Federal agencies, as well as Federal awards passed through nonfederal agencies, primarily the State of California, except as noted above, are included on the schedule. The County’s reporting entity is defined in Note 1 to the County’s basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting for program expenditures accounted for in the governmental funds and the accrual basis of accounting for program expenditures accounted for in the proprietary funds as described in Note 1 to the County’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The County used its own indirect cost rates.
Amounts reported in the Schedule of Expenditures of Federal Awards are in material agreement with
the amounts reported in the related Federal financial reports for the Federal award programs.
Title: E. Indirect Cost Rate
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all Federal award programs of the County of Riverside, California (the County), except for the Federal awards granted to the Housing Authority of the County of Riverside, which is separately audited and reported on in accordance with the U.S. Office of Management and Budget (OMB) Uniform Guidance. Federal awards received directly from Federal agencies, as well as Federal awards passed through nonfederal agencies, primarily the State of California, except as noted above, are included on the schedule. The County’s reporting entity is defined in Note 1 to the County’s basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting for program expenditures accounted for in the governmental funds and the accrual basis of accounting for program expenditures accounted for in the proprietary funds as described in Note 1 to the County’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The County used its own indirect cost rates.
The County has elected not to use the 10 percent de minimus indirect cost rate allowed under the
Uniform Guidance.
Title: F. Loans Outstanding
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all Federal award programs of the County of Riverside, California (the County), except for the Federal awards granted to the Housing Authority of the County of Riverside, which is separately audited and reported on in accordance with the U.S. Office of Management and Budget (OMB) Uniform Guidance. Federal awards received directly from Federal agencies, as well as Federal awards passed through nonfederal agencies, primarily the State of California, except as noted above, are included on the schedule. The County’s reporting entity is defined in Note 1 to the County’s basic financial statements. The accompanying Schedule of Expenditures of Federal Awards is presented using the modified accrual basis of accounting for program expenditures accounted for in the governmental funds and the accrual basis of accounting for program expenditures accounted for in the proprietary funds as described in Note 1 to the County’s basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The County used its own indirect cost rates.
The following programs had federally-funded loans outstanding at June 30, 2024 and 2023:
Assistance
Listing No. Program Title June 30, 2023
Prior Year
Adjustment
New
Loans
Loan
Payments Forgiven June 30, 2024
14.218 Community Development Block
Grant/Entitlement Grants $ 24,848,619 $ - $ - $ (285,960) $ - $ 24,562,659
14.239 HOME Investment Partnerships
Program $ 51,246,508 $ 6,557,358 $ 700,000 $ (586,267) $ - $ 57,917,599