Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on modified accrual basis of accounting whereexpenditures are generally recorded when a liability is incurred. Such expenditures are recognized followingthe cost principles contained in the Uniform Guidance. The City has chosen not to use the 10% de-minimusindirect cost rate as allowed under the Uniform Guidance. Federal non-cash assistance included in theSchedule, such as donated property or donated equipment, is valued at acquisition value at the time ofreceipt or the assessed value provided by the federal agency.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal awardactivity of the City of Boise, Idaho (the City) under programs of the federal government for the year endedSeptember 30, 2022. The information on this Schedule is prepared in accordance with the requirements ofTitle 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, andAudit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selectedportion of the operations of the City, it is not intended to and does not present the financial position, changesin net assets, or cash flows of the City and is presented as supplemental information within the Citys annualcomprehensive financial report for the year ended September 30, 2022.
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on modified accrual basis of accounting whereexpenditures are generally recorded when a liability is incurred. Such expenditures are recognized followingthe cost principles contained in the Uniform Guidance. The City has chosen not to use the 10% de-minimusindirect cost rate as allowed under the Uniform Guidance. Federal non-cash assistance included in theSchedule, such as donated property or donated equipment, is valued at acquisition value at the time ofreceipt or the assessed value provided by the federal agency.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City passed through certain federal awards to other non-Federal entities, as subrecipients, to carry outpart of a federal program. Expenditures are recorded when awards are disbursed to subrecipients. TheCity is responsible for monitoring its subrecipients to ensure these subawards are used to fulfill the programrequirements in accordance with contracts, laws, regulations and that the subrecipients meet program goals.Expenditures made to subrecipients are separately disclosed on the Schedule.
Title: LOANS WITHOUT CONTINUING COMPLIANCE REQUIREMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on modified accrual basis of accounting whereexpenditures are generally recorded when a liability is incurred. Such expenditures are recognized followingthe cost principles contained in the Uniform Guidance. The City has chosen not to use the 10% de-minimusindirect cost rate as allowed under the Uniform Guidance. Federal non-cash assistance included in theSchedule, such as donated property or donated equipment, is valued at acquisition value at the time ofreceipt or the assessed value provided by the federal agency.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City has revolving loan fund programs which were originally funded with federal financial assistancethrough the Community Development Block Grants/Entitlement Grants Cluster (CFDA Number 14.218). Underthese loan agreements, the City has either loaned money to eligible homeowners to rehabilitate their homesor to eligible homebuyers to obtain affordable housing, in the form of a low-interest loan with a 1st or 2nd Deedof Trust. New loans originated from the revolving loan fund programs are subject to the same compliancerequirements imposed by the Federal Department of Housing and Urban Development (HUD) as the initialloans. The loans under this program have no continuing compliance requirements other than continued loanpayments, therefore, the outstanding loan balances of such loans have not been included in the Scheduleand major program determination. The outstanding balance on these loans at September 30, 2022 was $1,911.
Title: MATCHING REQUIREMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on modified accrual basis of accounting whereexpenditures are generally recorded when a liability is incurred. Such expenditures are recognized followingthe cost principles contained in the Uniform Guidance. The City has chosen not to use the 10% de-minimusindirect cost rate as allowed under the Uniform Guidance. Federal non-cash assistance included in theSchedule, such as donated property or donated equipment, is valued at acquisition value at the time ofreceipt or the assessed value provided by the federal agency.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Certain Federal programs require the City to contribute non-Federal funds (matching funds) to support theFederally-funded programs. The City has met its matching requirements. The Schedule does not include theexpenditure of non-Federal matching funds.