Notes to SEFA
Title: Basis of Presentation
Accounting Policies: The Schedule includes the federal grant activity of the City of Toledo and is presented on the modified accrual basis of accounting, which is described in Note 1 to the City’s Annual Comprehensive Financial Report. 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: The City has elected not to use the 15-precent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of Expenditures of Federal Awards (the “Schedule”) includes the federal award activity of the City of Toledo, Ohio (the “City”) under programs of the federal government for the year ended December 31, 2024. 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, changes in net position, or cash flows of the City.
Title: Subrecipients
Accounting Policies: The Schedule includes the federal grant activity of the City of Toledo and is presented on the modified accrual basis of accounting, which is described in Note 1 to the City’s Annual Comprehensive Financial Report. 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: The City has elected not to use the 15-precent de minimis indirect cost rate allowed under the Uniform Guidance.
The City passes certain federal awards received from the U.S. Department of Housing and Urban Development and Department of the Treasury to other governments or not-for-profit agencies (subrecipients). As the Summary of Significant Accounting Policies describes, the City reports expenditures of Federal awards to subrecipients on a modified accrual basis. As a direct recipient, the City has certain compliance responsibilities, such as monitoring its subrecipients to help assure they use these subawards as authorized by laws, regulations, and the provisions of contracts or grant agreements, and that subrecipients achieve the award’s performance goals.
Title: Home Investment Partnerships Program (HOME) Grant Programs with Revolving Loan Cash Balance
Accounting Policies: The Schedule includes the federal grant activity of the City of Toledo and is presented on the modified accrual basis of accounting, which is described in Note 1 to the City’s Annual Comprehensive Financial Report. 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: The City has elected not to use the 15-precent de minimis indirect cost rate allowed under the Uniform Guidance.
The current loan balance of the City’s local program income account as of December 31, 2024 is $12,220,222.69.
Title: Matching Requirements
Accounting Policies: The Schedule includes the federal grant activity of the City of Toledo and is presented on the modified accrual basis of accounting, which is described in Note 1 to the City’s Annual Comprehensive Financial Report. 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: The City has elected not to use the 15-precent de minimis indirect cost rate 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.