Title: Note 1 - Basis of Presentaiton and Summary of Significant Accounting Policies
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of CityWide under programs of the federal government for the year ended December 31, 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). Because the Schedule presents only a selected portion of the operations of CityWide, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CityWide.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of CityWide under programs of the federal government for the year ended December 31, 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). Because the Schedule presents only a selected portion of the operations of CityWide, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CityWide.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: Note 2 - Indirect Cost Rate
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of CityWide under programs of the federal government for the year ended December 31, 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). Because the Schedule presents only a selected portion of the operations of CityWide, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CityWide.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
The Uniform Guidance allows recipients to use a 10 percent de minimis indirect cost rate for federal awards with award dates through September 30, 2024. The de minimis indirect cost rate was increased to up to 15 percent for federal awards with award dates beginning October 1, 2024. CityWide has elected not to use the applicable de minimis indirect cost rate.
Title: Note 3 - Programs' Status
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of CityWide under programs of the federal government for the year ended December 31, 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). Because the Schedule presents only a selected portion of the operations of CityWide, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CityWide.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
CityWide's funding for expenditures comes from draws under current and prior years' contracts and from
the use of program income from prior years' contracts. Amounts reflected as expenditures include direct
program costs, allocated indirect costs, and loan disbursements. Program income is provided via three
revolving loan funds (RLFs), which were initially funded in prior years via federal contracts, some of which
flowed through the City of Dayton. The RLFs are:
(a) Housing RLF, which reflects Community Development Block Grant (CDBG) funded home
improvement and rental rehabilitation loans; and
(b) CDBG Economic Development RLF
CityWide had the following loan balances outstanding at December 31, 2024.
CDBG $ 1,307,221
HOME 4,802,965
CDFI 984,487
SLFRF 4,925,770
$ 12,020,443
Title: Note 4 - City of Dayton Contracts
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of CityWide under programs of the federal government for the year ended December 31, 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). Because the Schedule presents only a selected portion of the operations of CityWide, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CityWide.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
CityWide manages, as a contractor, several federal programs flowing through the City of Dayton to CityWide. CityWide recompense for such services is determined on a contract basis.
Title: Note 5 - Small Business Administration
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of CityWide under programs of the federal government for the year ended December 31, 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). Because the Schedule presents only a selected portion of the operations of CityWide, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CityWide.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
CityWide is a Certified Development Company for the Small Business Administration 503 and 504 loan programs (FALN No. 59.041), and earned fees of $131,178 in 2024 for the performance of various administrative functions.
Title: Note 6 - Principles of Combination
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of CityWide under programs of the federal government for the year ended December 31, 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). Because the Schedule presents only a selected portion of the operations of CityWide, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CityWide.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
All expenses noted in the Schedule of Expenditures of Federal Awards are directly from CityWide or Dayton Region New Market Fund, LLC, which is 100% owned by CityWide.
Title: Note 7 - Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards (the "Schedule") includes the federal awards activity of CityWide under programs of the federal government for the year ended December 31, 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). Because the Schedule presents only a selected portion of the operations of CityWide, it is not intended to and does not present the financial position, changes in net assets, or cash flows of CityWide.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: N/A
CityWide did not provide any federal awards to subrecipients.