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: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the City to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The City does not use the de minimis election.
For the year ended December 31, 2024, the City provided no funds to subrecipients.
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: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the City to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The City does not use the de minimis election.
The City had the following gross loan receivable balance outstanding at December 31, 2024, which were originally funded with Federal awards. There were no expenditures related to this loan balance for the year ended December 31, 2024. There are no continuing compliance requirements and, therefore, these are not included on the Schedule. Outstanding loans as of December 31, 2024, are as follows:
Program Title - Community Development Block Grants/Entitlement Grants
Assitance Listing Number - 14.218
Amount Outstanding December 31, 2024 - $ 569,825
Title: Nonmonetary Assistance
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: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the City to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grants with periods after September 30, 2024. The City does not use the de minimis election.
For the year ended December 31, 2024, the City received no nonmonetary assistance.