Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures
are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures may or may not be allowable or may be limited as to
reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
award activity of the City of Medina (the “City”) under programs of the federal government for the year
ended December 31, 2024. The information on this Schedule is prepared 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 the City, it is not intended to
and does not present the financial position, changes in net position, or cash flows of the City.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures
are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures may or may not be allowable or may be limited as to
reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures
are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures may or may not be allowable or may be limited as to
reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
Title: NOTE C – INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures
are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures may or may not be allowable or may be limited as to
reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The City has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
Title: NOTE D - COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) and HOME
INVESTMENT PARTNERSHIPS PROGRAM (HOME) GRANT PROGRAMS with
REVOLVING LOAN CASH BALANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures
are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures may or may not be allowable or may be limited as to
reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
The current cash balance on the City’s local program income accounts as of December 31, 2024 is
$81,356.
Title: NOTE E - MATCHING REQUIREMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures
are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part
200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards,
wherein certain types of expenditures may or may not be allowable or may be limited as to
reimbursement. Therefore, some amounts presented in this Schedule may differ from amounts presented
in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform
Guidance.
Certain Federal programs require the City to contribute non-Federal funds (matching funds) to support the
Federally-funded programs. The City has met its matching requirements. The Schedule does not include
the expenditure of non-Federal matching funds.