Title: 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: All Federal grant operations of the District of Columbia Green Finance Authority (DC Green
Bank), a component unit of the Government of the District of Columbia, are included in the
scope of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with
the provisions of the Office of Management and Budget (OMB) Compliance Supplement (the
Compliance Supplement). Compliance testing of all requirements, as described in the
Compliance Supplement, was performed for the major grant program noted below. The
program on the accompanying schedule of expenditures of Federal awards represents all
Federal award programs and other grants with fiscal year 2024 cash or non-cash expenditure
activities. For our Single Audit testing, we tested the Federal award program with 2024 cash
and non-cash expenditures to ensure coverage of at least 40% of Federally granted funds.
Our actual coverage was 100%.
Expenditures reported on the schedule of expenditures of Federal awards (the Schedule) 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. DC Green Bank
has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
All Federal grant operations of the District of Columbia Green Finance Authority (DC Green
Bank), a component unit of the Government of the District of Columbia, are included in the
scope of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with
the provisions of the Office of Management and Budget (OMB) Compliance Supplement (the
Compliance Supplement). Compliance testing of all requirements, as described in the
Compliance Supplement, was performed for the major grant program noted below. The
program on the accompanying schedule of expenditures of Federal awards represents all
Federal award programs and other grants with fiscal year 2024 cash or non-cash expenditure
activities. For our Single Audit testing, we tested the Federal award program with 2024 cash
and non-cash expenditures to ensure coverage of at least 40% of Federally granted funds.
Our actual coverage was 100%.
Expenditures reported on the schedule of expenditures of Federal awards (the Schedule) 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. DC Green Bank
has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
Title: 2. BASIS OF PRESENTATION
Accounting Policies: All Federal grant operations of the District of Columbia Green Finance Authority (DC Green
Bank), a component unit of the Government of the District of Columbia, are included in the
scope of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with
the provisions of the Office of Management and Budget (OMB) Compliance Supplement (the
Compliance Supplement). Compliance testing of all requirements, as described in the
Compliance Supplement, was performed for the major grant program noted below. The
program on the accompanying schedule of expenditures of Federal awards represents all
Federal award programs and other grants with fiscal year 2024 cash or non-cash expenditure
activities. For our Single Audit testing, we tested the Federal award program with 2024 cash
and non-cash expenditures to ensure coverage of at least 40% of Federally granted funds.
Our actual coverage was 100%.
Expenditures reported on the schedule of expenditures of Federal awards (the Schedule) 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. DC Green Bank
has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The accompanying Schedule includes the Federal award activity of DC Green Bank and is
presented on the accrual basis of accounting. The information in the Schedule is presented in
accordance with the requirements of the cost principles contained in the Uniform Guidance.
Title: 3. LOAN PROGRAM
Accounting Policies: All Federal grant operations of the District of Columbia Green Finance Authority (DC Green
Bank), a component unit of the Government of the District of Columbia, are included in the
scope of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with
the provisions of the Office of Management and Budget (OMB) Compliance Supplement (the
Compliance Supplement). Compliance testing of all requirements, as described in the
Compliance Supplement, was performed for the major grant program noted below. The
program on the accompanying schedule of expenditures of Federal awards represents all
Federal award programs and other grants with fiscal year 2024 cash or non-cash expenditure
activities. For our Single Audit testing, we tested the Federal award program with 2024 cash
and non-cash expenditures to ensure coverage of at least 40% of Federally granted funds.
Our actual coverage was 100%.
Expenditures reported on the schedule of expenditures of Federal awards (the Schedule) 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. DC Green Bank
has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
DC Green Bank entered into a Memorandum of Understanding with the DC DOEE to
support the Building Energy Performance Standards (BEPS) program and deploy capital for
building improvements through the American Rescue Plan Act (ARPA) BEPS Revolving
Loan Fund. These funds are utilized to support energy efficiency and green building
improvements for Affordable Housing Buildings and Under-Resourced Buildings. The terms
and conditions of the Federal award do not impose any continuing compliance requirements.
As such, only loans issued in the current fiscal year are included on the Schedule.
Title: 4. RECONCILIATION OF FEDERAL AWARDS TO THE FINANCIAL STATEMENTS
Accounting Policies: All Federal grant operations of the District of Columbia Green Finance Authority (DC Green
Bank), a component unit of the Government of the District of Columbia, are included in the
scope of the Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(the Single Audit or Uniform Guidance). The Single Audit was performed in accordance with
the provisions of the Office of Management and Budget (OMB) Compliance Supplement (the
Compliance Supplement). Compliance testing of all requirements, as described in the
Compliance Supplement, was performed for the major grant program noted below. The
program on the accompanying schedule of expenditures of Federal awards represents all
Federal award programs and other grants with fiscal year 2024 cash or non-cash expenditure
activities. For our Single Audit testing, we tested the Federal award program with 2024 cash
and non-cash expenditures to ensure coverage of at least 40% of Federally granted funds.
Our actual coverage was 100%.
Expenditures reported on the schedule of expenditures of Federal awards (the Schedule) 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. DC Green Bank
has elected not to use the 10 percent de minimis indirect cost rate allowed under the Uniform
Guidance.
De Minimis Rate Used: N
Rate Explanation: Authority has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The following schedule is a reconciliation of the total expenditures as shown on the Schedule
and the Federal funds reported on the statement of net position as of September 30, 2024,
which is included as part of the DC Green Banks’s financial statements