Notes to SEFA
Title: Note B - Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the City’s federal award programs prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
Of the federal expenditures presented in this schedule, the City provided federal awards to subrecipients from the Community Development Block Grants/Entitlement Grants Program (ALN #14.218) in the amount of $1,336,479.
Title: Note C - Other Information
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the City’s federal award programs prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
The City did not receive or provide any federal insurance, free rent, or noncash assistance during
the year ended April 30, 2024.
Title: Note D - Community Development Block Grant Loans (ALN #14.218)
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the City’s federal award programs prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
The amount of loans outstanding at April 30, 2024 under the Community Development Block
Grants/Entitlement Grants Program (ALN #14.218) was $1,582,490. Current year disbursements
totaled $81,689. The current year loan disbursements are included in the federal expenditures
presented in the Schedule of Expenditures of Federal Awards. The loans have no continuing
compliance requirements aside from loan repayment.