Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the City of Cedar Rapids, Iowa and the Eastern Iowa Airport, a descretely presented component unit for the year ended June 30, 2025. The accompanying schedule of expenditures of federal awards does not include federal grant activity of the Cedar Rapids/Linn County Solid Waste Agency, a discretely presented component unit, because they dod not have federal expenditures for the year ended June 30, 2025. 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 of Cedar Rapids, Iowa, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City of Cedar Rapids, Iowa.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting for governmental funds and accrual basis for proprietary funds, except for subrecipient expenditures, which are reported on a cash basis. When applicable, 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 elected not to use the 10% de minimis indirect cost rated allowed under the Uniform Guidance.
The City is indebted to the Iowa Finance Authority as the result of issuance of bonds listed below. The bonds were sold under the Capitalization Grants for Drinking and Clean Water State Revolving Funds for financing qualified improvements. The amounts reflected in the Schedule represents expenditures incurred during the year ended June 30, 2025. See the Notes to the SEFA for table.