Notes to SEFA
Title: A. Scope of Presentation
Accounting Policies: The expenditures included in the accompanying schedule were reported on the modified accrual basis of accounting. Under the modified accrual basis of accounting, expenditures are incurred when the City becomes obligated for payment as a result of the receipt of the related goods and services. Expenditures reported included any property or equipment acquisitions incurred under the federal program.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis cost rate.
The accompanying schedule presents only the expenditures incurred by the City of Diamond Bar, California, that are reimbursable under federal programs of federal financial assistance. For the purposes of this schedule, federal awards include both federal financial assistance received directly from a federal agency, as well as federal funds received indirectly by the City from a non-federal agency or other organization. Only the portion of program expenditures reimbursable with such federal funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal reimbursement authorized or the portion of the program expenditures that were funded with state, local or other non-federal funds are excluded from the accompanying schedule.
Title: D.Loan Program with Continuing Compliance
Accounting Policies: The expenditures included in the accompanying schedule were reported on the modified accrual basis of accounting. Under the modified accrual basis of accounting, expenditures are incurred when the City becomes obligated for payment as a result of the receipt of the related goods and services. Expenditures reported included any property or equipment acquisitions incurred under the federal program.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis cost rate.
The program loans listed below are administered directly by the City, and balances and transactions relating to these programs are included in the City’s basic financial statements. Loans made during the fiscal year, if any, are included in the federal expenditures presented in the Schedule of Expenditures of Federal Awards. The balance of loans outstanding at June 30, 2024 consists of: