Notes to SEFA
Title: State and Certification of Capital Fund Grant Cost for Annual Contributions Contract A-3249
Accounting Policies: The accompanying schedule of expenditures of federal and State awards includes the federal and State grant activity of the City of Concord, North Carolina and is presented on the modified accrual basis of accounting. Such expenditures are recongized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. The information in the schedule is presented in accordance with the requirements of Title 2 of the US Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and The State Single Audit Implementation Act. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: City of Concord has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Actual Capital Fund Program Costs were as follows for NC19E00850118: Funds approved - 64,993, Funds expended - 64,993, excess of funds approved - 0, funds advanced HUD grants - 64,993, funds Expended - 64,993, excess of funds advanced - 0. The distribution of costs as shown on the Annual Statement of Performance Evaluation Report, supported by the Actual Modernization Cost Certificat submitted to HUD for approval, is in agreement with the PHA's records. All capital fund program costs have been paid and all related liabilities have been discharged through payment.
Title: Cluster of Programs
Accounting Policies: The accompanying schedule of expenditures of federal and State awards includes the federal and State grant activity of the City of Concord, North Carolina and is presented on the modified accrual basis of accounting. Such expenditures are recongized following the cost principles contained in Uniform Guidance, wherein certain types of expenditures are not allowable or limited as to reimbursement. The information in the schedule is presented in accordance with the requirements of Title 2 of the US Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards and The State Single Audit Implementation Act. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: City of Concord has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Highway Planning, Research and Construction Cluster is clustered by the State of North Carolina and is treated separately for state audit requirement purposes.