The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of the City of Glens Falls, New York (City), under programs of the federal government for the year ended December 31, 2024. 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 porion of the operations of the City, it is not intended to and does not present the financial position or the respective changes in financial position of the governmental activities, business-type activities, each major fund, the aggregate discretely presented component units, and the aggregate remaining fund information ofthe City.
Expenditures reported on the Schedule are presented in conformity with accounting principles generally accepted in the United States of America and the amounts presented are derived from the City's general ledger.
Where the City receives funds from a government entity other than the federal government (pass-through), the fiunds are accumulated based upon the Federal Assistance Listing number advised by the pass-through grantor. Identifying numbers, other than the Federal assistance listing numbers, which may be assigned by pass-through grantors are not maintained in the City's financial management sytem. The City has identified certain pass-through identifying numbers and included them in the schedule of expenditures of federal awards, as available.
Indirect costs are included in the reported expenditures to the extent they are included in the financial reports used as the source for the expenditures presented. The City did not elect to use the 10 percent de-minimis indirect cost rate as allowed under the Uniform Guidance.
Matching costs, i.e., the City's or State's share of certain program costs, are not included in the schedule of expenditures of federal awards.
The City's loan balance at January 1, 2024 was $132,850 and made principal payents of $7,836 during 2024, leaving an ending balance at December 31, 2024 of $125,014. See the notes to the City's general purpose financial statements. During 2024, the USDA required the Greater Glens Falls Local Development Corporation (LDC) to maintain a loan reserve of 6% of the outstanding loan receivable balances financed by the loan. The reserve balance at December 31, 2024 was $7,500.