Notes to SEFA
Title: Subrecipients
Accounting Policies: Expenditures reported on the schedule are reported on the modified 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: The City of Kingston, New York has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
The following is a summary of sub-recipient activity for the year ended December 31, 2023:
Program Title Community Development Block Grants/Entitlement Grants
Assistance Listing Number 14.218
Amount Provided to Subrecipients $83,055
In addition, the City of Kingston has designated the Kingston Local Development Corporation (KLDC) as its subrecipient for purposes of the RUD 108 Loan program. See KLDC financial statement for details on outstanding 108 loans.
Title: Loans Outstanding
Accounting Policies: Expenditures reported on the schedule are reported on the modified 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: The City of Kingston, New York has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance
The City had the following gross loan receivable balance outstanding at December 31, 2023, which were originally funded with Federal awards. There were no expenditures related to this loan balance for the year ended December 31, 2023. Loans made during the year are included in the Federal expenditures presented in the schedule:
Program Title
Community Development Block Grant
Assistance Listing Number
14.218
Amount Outstanding December 31, 2023
$ 788,978