Notes to SEFA
A. Scope of Presentation The accompanying schedule presents only the expenditures incurred by the City of Fullerton, California (the City), that are reimbursable under federal programs of federal financial assistance. For the purposes of this schedule, federal awards include both federal financial assistance received directly from a federal agency, as well as federal funds received indirectly by the City from a non-federal agency or other organization. Only the portion of program expenditures reimbursable with such federal funds is reported in the accompanying schedule. Program expenditures in excess of the maximum federal reimbursement authorized or the portion of the program expenditures that were funded with state, local or other non-federal funds are excluded from the accompanying schedule.
B. Basis of Accounting The expenditures included in the accompanying schedule were reported on the modified accrual basis of accounting. Under the modified accrual basis of accounting, expenditures are incurred when the City becomes obligated for payment as a result of the receipt of the related goods and services. Expenditures reported included any property or equipment acquisitions incurred under the federal program. The City has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance.
FEDERAL HOUSING LOAN PROGRAMS The federal housing loan programs listed subsequently are administered directly the City, and balances and transactions relating to these programs are included in the City’s basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented on the Schedule. The balance of loans outstanding at June 30, 2025 consists of: 14.218 Rehabilitation Revolving Loan $1,357,786 14.239 Neighborhood Stabilization Program 206,074 14.239 Acquisition and Rehabilitation Program 12,251,990 14.239 Rehabilitation Program 761,688 14.239 Down Payment Assistance Program 154,166 $14,731,704