Notes to SEFA
Title: NOTE 5 - Section 108 Guaranteed Loans
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of the City under programs of the federal government for the year ended June 30, 2021. Theinformation in this Schedule is presented in accordance with the requirements of Uniform Guidance,Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents onlya selected portion of the operations of the City, it is not intended to and does not present the financialposition, changes in net position, or cash flows of the City.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
NOTE 5 Section 108 Guaranteed LoansDuring 2018, the Citys Community Development Department entered into a contract with the Secretaryof Housing and Urban Development (HUD) under the Section 108 Guaranteed Loans Program for theredevelopment of Bristol Park. The loan is due in annual installments of $155,000 to $271,000 plus interestat an interest rate of 2.54% to 3.635%. The outstanding balance at June 30, 2022 is $3,369,000.
Title: NOTE 2 - Summary of Significant Accounting Policies
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of the City under programs of the federal government for the year ended June 30, 2021. Theinformation in this Schedule is presented in accordance with the requirements of Uniform Guidance,Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents onlya selected portion of the operations of the City, it is not intended to and does not present the financialposition, changes in net position, or cash flows of the City.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpendituresExpenditures reported on the Schedule are reported on the accrual basis of accounting.Pass-Through EntitiesPass-through entity identifying numbers are presented on the Schedule where available.
Title: NOTE 4 - Subrecipient Relationships
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grantactivity of the City under programs of the federal government for the year ended June 30, 2021. Theinformation in this Schedule is presented in accordance with the requirements of Uniform Guidance,Audits of States, Local Governments, and Non-Profit Organizations. Because the Schedule presents onlya selected portion of the operations of the City, it is not intended to and does not present the financialposition, changes in net position, or cash flows of the City.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
NOTE 4 SUBRECIPIENT RELATIONSHIPSThe City of Champaign provided CFDA #14.218 Community Development Block Grant federal awardsto the following:Regional Planning Commission of Champaign County: $45,000Unit District #4 Schools: $66,000Don Moyer Boys and Girls Club: $18,640Champaign Park District: $8,950DreAAm House: $37,000First Followers: $14,309City of Champaign Township: $19,476