Title: NOTE 1 – BASIS OF PRESENTATION
Accounting Policies: Refer tp Form
De Minimis Rate Used: N
Rate Explanation: The Municipality elected not use the 10% de minimis cost rate and did not charge indirect cost to federal grants during the year ended June 30, 2023
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the 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 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, or used in the preparation of, the basic financial statements. Because the schedule presents only a selected portion of the operations of the Municipality, it is not intended to and does not present the financial position and changes in net position of the Municipality.
Title: NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Refer tp Form
De Minimis Rate Used: N
Rate Explanation: The Municipality elected not use the 10% de minimis cost rate and did not charge indirect cost to federal grants during the year ended June 30, 2023
Expenditures reported on the Schedule are reported on the modified-accrual basis of accounting, except for Section 8 Housing Choice Voucher Program (HCV). Expenditures are recognized when the related liability is incurred following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for HCV Program are reported on a statutory basis as required by the U.S. Department of Housing and Urban Development. Such expenditures should equal the net ACC subsidy for the PHA’s fiscal period.
Public assistance grants (FEMA) expenditures are recognized in the period when: (1) FEMA has approved the PW, and (2) eligible expenditures are incurred.
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.
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. 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. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available
Title: NOTE 3 – INDIRECT COSTS
Accounting Policies: Refer tp Form
De Minimis Rate Used: N
Rate Explanation: The Municipality elected not use the 10% de minimis cost rate and did not charge indirect cost to federal grants during the year ended June 30, 2023
The Municipality elected not use the 10% de minimis cost rate and did not charge indirect cost to federal grants during the year ended June 30, 2024.
Title: NOTE 4 – RELATIONSHIP TO FEDERAL FINANCIAL REPORTS
Accounting Policies: Refer tp Form
De Minimis Rate Used: N
Rate Explanation: The Municipality elected not use the 10% de minimis cost rate and did not charge indirect cost to federal grants during the year ended June 30, 2023
Amounts reported in the accompanying Schedule are included in the Head Start, Disaster Grants, ARPA and
in the Other Governmental Funds in the Municipality’s fund financial statements. The reconciliation between the expenditures in the fund financial statements and expenditures in the Schedule of Expenditures of Federal
Awards is as follows:
Description
Head Start
Fund
Disaster
Grants
Fund ARPA Fund
Other
Governmental
Funds Total
Total federal expenditures per
Schedule of Expenditures of Federal
Awards
$ 16,676,204 $2,615,995 $2,968,935 $ 3,867,683 $26,128,817
Difference in amount recorded as
expenditures under modified accrual
basis for Section 8 HCV Program
- - - (32,359) (32,359)
Non-federal awards expenditures - - - 575,443 575,443
Total expenditures, fund statements $ 16,676,204 $2,615,995 $2,968,935 $ 4,410,767 $26,671,901