Notes to SEFA
The accompanying schedule of expenditures of federal awards presents the activity of federalfinancial assistance programs administered by the City of Binghamton, New York, an entity as definedin the basic financial statements. Federal awards that are included in this schedule may be receivedfrom federal agencies, as well as federal awards that are passed through from other governmentalagencies. Expenditures reported on the schedule of expenditures of federal awards are reported onthe modified accrual basis of accounting. The information in this schedule is presented in accordancewith requirements of the Uniform Guidance. Therefore, some amounts presented in this schedulemay differ from amounts presented in, or used in the presentation of, the basic financial statements
The SEFA is presented in accordance with accounting principles generally accepted in the UnitedStates of America and is derived from the City’s general ledger. Federal expenditures are recordedwhen an allowable cost is incurred under the applicable program and is due and payable. Forprograms with funding ceilings and caps, federal expenditures are only recorded and presented inthe SEFA up to such amounts.
Community Development Block Grant (AL #14.218) The City provides low-interest microenterprise, facade and revolving fund loans to support business growth through property acquisition, start-up and expansion. The program is funded through the City’s Federal Community Development Block Grant. The various loans awarded range from $5,000 to $100,000. The loans are to be repaid in monthly installments over 5 to 10 years at an interest rate of 4.75%. The interest received is considered to be program income and is used to pay administrative costs associated with the program as well as for subsequent loans. At December 31, 2024, the outstanding principal balance of those loans were $2,807,355. HOME Investment Partnership Program (AL #14.239) The City provides deferred renovation loans to eligible owner-occupants of single unit structures. The program is funded through the City’s Federal HOME Investment Partnerships Program. The various loans awarded in amounts up to $25,000 plus additional funds needed for the mitigation of lead hazards. The loans are to be repaid based upon the post renovation period of owner-occupancy. At December 31, 2024, the outstanding principal balance of those loans were $3,192,465.
Indirect costs are included in the reported expenditures to the extent such costs are included in the federal financial reports used as the source for the data presented. The City has not elected to usethe 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Matching costs, i.e., the City’s share of certain program costs, are not included in the reportedexpenditures.