Title: Note 4 Sub-recipients
Accounting Policies: NOTE 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the Federal award activity of the City of Kingston, New York under programs of the federal government for the year ended December 31, 2021. Federal awards received directly from the Federal agencies as well as Federal awards passed through other government agencies are included in the Schedule. The federal 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, changes in net position, or cash flows of the City.NOTE 2 Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the modified 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
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following is a summary of sub-recipient activity for 2022: See the Notes to SEFA for charts/tables.
Title: Note 6 Reconciliation to financial statements
Accounting Policies: NOTE 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the Federal award activity of the City of Kingston, New York under programs of the federal government for the year ended December 31, 2021. Federal awards received directly from the Federal agencies as well as Federal awards passed through other government agencies are included in the Schedule. The federal 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, changes in net position, or cash flows of the City.NOTE 2 Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the modified 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
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal expenditures presented in the Schedule of Expenditures of Federal Awards and State Transportation Assistance (the SEFA) reconcile to the Federal revenue reported in the Statement of Revenues, Expenditures and Changes in Fund Balance as follows: See the Notes to SEFA for charts/tables.
Title: Note 5 Loans Outstanding
Accounting Policies: NOTE 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the Federal award activity of the City of Kingston, New York under programs of the federal government for the year ended December 31, 2021. Federal awards received directly from the Federal agencies as well as Federal awards passed through other government agencies are included in the Schedule. The federal 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, changes in net position, or cash flows of the City.NOTE 2 Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the modified 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
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City had the following gross loan receivable balances outstanding as December 31, 2022, which were originally funded with federal awards. Loans made during the year are included in the federal expenditures presented in the schedule: See Notes to SEFA for Charts/tables
Title: Note 7 State Matching costs
Accounting Policies: NOTE 1 Basis of PresentationThe accompanying schedule of expenditures of federal awards (the Schedule) includes the Federal award activity of the City of Kingston, New York under programs of the federal government for the year ended December 31, 2021. Federal awards received directly from the Federal agencies as well as Federal awards passed through other government agencies are included in the Schedule. The federal 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, changes in net position, or cash flows of the City.NOTE 2 Summary of Significant Accounting PoliciesExpenditures reported on the schedule are reported on the modified 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
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
State Transportation Operation Assistance Program grant is 80% federal funded, 10% state funded, and 10% local match.