This schedule is prepared on the same basis of accounting as the City's financial statements. The City uses the full accrual basis of accounting to account for its grants. Under the full accrual basis, revenues are recognized when earned, if measurable, and expenses are recognized when incurred, if measurable.
The City has elected to use the de minimis indirect cost rate (up to 10 percent) allowed under the Uniform Guidance for its federal grants.
The City has a revolving loan program for low-income housing. Under this federal program, repayments to the City are considered program revenues (income) and loans of such funds to eligible recipients are considered expenditures. The amount of loan funds disbursed to program participants for the year was $423,236.00 and is presented in this schedule. The amount of principal and interest received in loan repayments for the year was $413,427.68.
The $16,373.76 expenditure for the US Depart of Homeland Security – Disaster Grant are prior year expenditures not included in prior years’ SEFA.
The City awarded $200,888.27 from the Community Development Block Grant program to non-profit agencies in 2024. The City also awarded $15,823.10 of US Depart of Justice Violence Against Women grant funds to other municipalities for activities that improve community response to violence against women. The City awarded $2,115.59 of “Regreen Everett Behavior Change” grant funds to Snohomish Conservation District. The city awarded $46,649.51 of COVID-19 Coronavirus State & Local Fiscal Recovery funding to eligible applicants with innovative ideas and solutions to move Everett’s economy forward as part of the Everett Forward grant program.
The amounts shown as current year expenditures represent only the federal portion of the program costs. Actual program costs, including the City's share, may be more than shown. Such expenditures are recognized following, as applicable, either the cost principles in the OMB Circular A-87, Cost Principles for State, Local, and Indian Tribal Governments, or the cost principles contained in Title 2 US Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, wherein certain types of expenditures are not allowable or are limited as to reimbursement.