Title: Expenditures
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of the City of Troy, New York (City), under programs of the federal government for the year ended December 31, 2022. 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 or the respectivechanges in financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Expenditures reported on the schedule are presented in conformity with accounting principles generally accepted in the United States and the amounts presented are derived from the Citys general ledger.
Title: Pass-Through Programs
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of the City of Troy, New York (City), under programs of the federal government for the year ended December 31, 2022. 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 or the respectivechanges in financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Where the City receives funds from a government entity other than the federal government (pass-through), the funds are accumulated based upon the Federal Assistance Listing Number (ALN) advised by the pass-through grantor.Identifying numbers, other than the ALN numbers, which may be assigned by pass-throughgrantors are not maintained in the Citys financial management system. The City has identified certain pass-through identifying numbers and included them in the schedule of expenditures of federal awards, as available.
Title: Matching Costs
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of the City of Troy, New York (City), under programs of the federal government for the year ended December 31, 2022. 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 or the respectivechanges in financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Matching costs, i.e. the Citys share of certain program costs, are not included in the reported expenditures.
Title: Loan and Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of the City of Troy, New York (City), under programs of the federal government for the year ended December 31, 2022. 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 or the respectivechanges in financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City had $662,000 of loans outstanding to the Department of Housing and UrbanDevelopment related to the Brownfields Economic Development Initiative and Section 108(ALN #14.248) as of December 31, 2022.