Notes to SEFA
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of the City of Poughkeepsie, New York, (the “City”) for the year ended December 31, 2024. Federal awards received directly from Federal agencies as well as Federal awards passed through other government agencies are included in the schedule. 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. The Schedule of Expenditures of Federal Awards does not include federal awards, if any, of the discretely presented component units (City of Poughkeepsie Industrial Development Agency and the Poughkeepsie Housing Authority.)
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.
The City has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The expenditures presented in the Schedule of Expenditures of Federal Awards reconcile to the federal aid reported in the Statement of Revenues, Expenses and Changes in Fund Balance as follows: