Notes to SEFA
The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The information is presented in accordance with the requirements of Uniform Guidance, Audits of State and Local Governments, and Non-Profit Organizations. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, preparation of the financial statements.
Matching costs, such as the City's share of certain program costs, are not included in the reported expenditures.
The City of Corning operates a revolving loan program utilizing federal financial assistance received under the Community Development Block Grants/Small Cities and Entitlement Programs. Loans outstanding at June 30, 2025 under this program, as reported in the City’s financial statements, are as follows: During the current year, a new loan in the amount of $2,500 was issued.