Title: COMMUNITY DISASTER LOAN
Accounting Policies: 1.The Schedule is prepared from Municipalitys accounting records and presents only a selected portion of the operations of the Municipality, it is not intended to, and does not present, the financial position or changes in net position of the Municipality.2.The Municipality in accordance with the terms and conditions of the grants, records the financial transactions which are consistent with accounting principles generally accepted in the United States of America.3.Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.4.Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Expenditures are recognized when the related liability is incurred, following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for the following programs are recognized based on other unique requirements: 1) Section 8 Housing Choice Vouchers (HCV) expenditures are equal to the ACC subsidy for the PHA fiscal period; and 2) Disaster Grants-Public Assistance (FEMA) expenditures are recognized in the period when; (a) FEMA has approved the PW and (b) eligible expenditures are incurred.5.State or local government redistributions of federal awards to the Municipality, known as passthrough awards, should be treated by the Municipality as though they were received directly from the federal government. The Uniform Guidance requires the schedule to include the name of the passthrough entity and the identifying number assigned by the pass-through entity for the federal awards received as a subrecipient. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
FEMA issued to the Municipality a five-year promissory note for a maximum amount of $568,644 for financial assistance under the Community Disaster Loans (CDL) program, bearing interest at 0.875% annually. The program provides assistance to local governments to overcome a loss in revenues as a result of a natural disaster, in order to perform its governmental operational functions. Neither principal nor interest payments are required until maturity. The terms of the loan provide that if the Municipality has not recovered sufficiently to meet its operating budget after three full fiscal years, repayment of all or part of the loan may be cancelled. The principal balance at June 30, 2022, was $568,644. Federal statutes and regulations do not impose continuing compliance requirements on the outstanding balance of the loan, other than the repayment of the loan. Therefore, the outstanding balance of the loan is not included in the face of the Schedule.
Title: MAJOR PROGRAMS
Accounting Policies: 1.The Schedule is prepared from Municipalitys accounting records and presents only a selected portion of the operations of the Municipality, it is not intended to, and does not present, the financial position or changes in net position of the Municipality.2.The Municipality in accordance with the terms and conditions of the grants, records the financial transactions which are consistent with accounting principles generally accepted in the United States of America.3.Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.4.Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Expenditures are recognized when the related liability is incurred, following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for the following programs are recognized based on other unique requirements: 1) Section 8 Housing Choice Vouchers (HCV) expenditures are equal to the ACC subsidy for the PHA fiscal period; and 2) Disaster Grants-Public Assistance (FEMA) expenditures are recognized in the period when; (a) FEMA has approved the PW and (b) eligible expenditures are incurred.5.State or local government redistributions of federal awards to the Municipality, known as passthrough awards, should be treated by the Municipality as though they were received directly from the federal government. The Uniform Guidance requires the schedule to include the name of the passthrough entity and the identifying number assigned by the pass-through entity for the federal awards received as a subrecipient. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Major programs are identified in the Summary of Auditors Results Section of the Schedule of Findings and Questioned Costs.
Title: ASSISTANCE LISTING NUMBER
Accounting Policies: 1.The Schedule is prepared from Municipalitys accounting records and presents only a selected portion of the operations of the Municipality, it is not intended to, and does not present, the financial position or changes in net position of the Municipality.2.The Municipality in accordance with the terms and conditions of the grants, records the financial transactions which are consistent with accounting principles generally accepted in the United States of America.3.Expenditures are recognized in the accounting period in which the liability is incurred, if measurable or when actually paid, whichever occurs first.4.Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Expenditures are recognized when the related liability is incurred, following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Expenditures for the following programs are recognized based on other unique requirements: 1) Section 8 Housing Choice Vouchers (HCV) expenditures are equal to the ACC subsidy for the PHA fiscal period; and 2) Disaster Grants-Public Assistance (FEMA) expenditures are recognized in the period when; (a) FEMA has approved the PW and (b) eligible expenditures are incurred.5.State or local government redistributions of federal awards to the Municipality, known as passthrough awards, should be treated by the Municipality as though they were received directly from the federal government. The Uniform Guidance requires the schedule to include the name of the passthrough entity and the identifying number assigned by the pass-through entity for the federal awards received as a subrecipient. Numbers identified as N/A are not applicable and numbers identified as N/AV are not available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The Assistance Listing Number, formerly known as the Catalog of Federal Domestic Assistance (CFDA) Number, is a five-digit number assigned in the awarding document for all Federal assistance awards, including Federal grants and cooperative agreements.