Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the City of Reno, Nevada (the City), under programs of the federal government for the year ended June 30, 2025. The information in the 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 (the Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the City, it is not intented to, and does not, present the financial position, changes in net position, or cash flows of the City.
Expenditures reported on the Schedule are reported on the 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. Negative amounts, if any, shown on the Schedule represents adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
The City has not elected to use the de minimis indirect cost rate allowed under the Uniform Guidance.
The federal loan programs listed below are administered directly by the City, and balances and transactions relating to these programs are included in the City's basic financial statements. Loans made during the year are included in the federal expenditures presented in the Schedule. Outstanding balances do not have continuing compliance requirements. At June 30, 2025, outstanding loan balances were as follows: Federal Assistance Listing Number 14.239, Program Title HOME Investement Partnerships Program, Loan Balance Receivable $46,865,477.