Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the City’s
general ledger.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal
grant activity of the City of Troy, New York (City), under programs of the federal government for
the year ended December 31, 2023. 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
the City, it is not intended to and does not present the financial position or the respective
changes in financial position of the governmental activities, each major fund, and the aggregate
remaining fund information of the City.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the City’s
general ledger.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
Expenditures reported on the schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the City’s
general ledger.
Title: PASS-THROUGH PROGRAMS
Accounting Policies: Expenditures reported on the schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the City’s
general ledger.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
Where the City receives funds from a government entity other than the federal government
(pass-through), the funds are accumulated based upon the Federal Assistance Listing Number
(ALN) advised by the pass-through grantor.
Identifying numbers, other than the ALN numbers, which may be assigned by pass-through
grantors are not maintained in the City’s financial management system. The City has identified
certain pass-through identifying numbers and included them in the schedule of expenditures of
federal awards, as available.
Title: INDIRECT COSTS
Accounting Policies: Expenditures reported on the schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the City’s
general ledger.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
Indirect costs are included in the reported expenditures to the extent they are included in the
financial reports used as the source for the expenditures presented.
The City did not elect to use the 10 percent de-minimis indirect cost rate as allowed under the
Uniform Guidance.
Title: MATCHING COSTS
Accounting Policies: Expenditures reported on the schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the City’s
general ledger.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
Matching costs, i.e. the City’s share of certain program costs, are not included in the reported
expenditures.
Title: LOAN AND LOAN GUARANTEES
Accounting Policies: Expenditures reported on the schedule are presented in conformity with accounting principles
generally accepted in the United States and the amounts presented are derived from the City’s
general ledger.
De Minimis Rate Used: N
Rate Explanation: The auditee did not elect to use the 10% de minimis cost rate.
The City had $495,000 of loans outstanding to the Department of Housing and Urban
Development related to the Brownfields Economic Development Initiative and Section 108
(ALN #14.248) as of December 31, 2023.