Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
award activity of the City of Owosso under programs of the federal government for the year ended June
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
30, 2023. The information in this Schedule is presented in accordance with the requirements of Title 2
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
selected portion of the operations of the City of Owosso, it is not intended to and does not present the
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
financial position, changes in net position, or cash flows of the City of Owosso.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
as expenditures in prior years.
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
The City of Owosso had the following loan balances outstanding at June 30, 2023:
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Assistance
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Federal Grants/Pass-Through Listing Beginning Ending
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Grantor/Program Title Number Balance * New Loans Repayments Balance *
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
UNITED STATES ENVIRONMENTAL
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
PROTECTION AGENCY (EPA)
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Clean Water State Revolving Fund 66.458
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Passed through State of Michigan
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
EGLE
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Project 5691.01 $ 2,055,000 $ - $ (90,000) $ 1,965,000
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Project 5699.01 1,086,664 - (55,000) 1,031,664
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Project 5710.01 529,230 2,303,091 - 2,832,321
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
TOTAL US ENVIRONMENTAL
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
PROTECTION AGENCY (EPA) $ 3,670,894 $ 2,303,091 $ (145,000) $ 5,828,985
Title: LOANS OUTSTANDING
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
* Includes both State and Federal revolving loan funds
Title: RECONCILIATION OF SEFA TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Reported in the City’s financial statements for the year ended June 30, 2023:
Title: RECONCILIATION OF SEFA TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Governmental Funds, Federal grant revenue $ 230,226
Title: RECONCILIATION OF SEFA TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Less: Local Street Fund, grant spent by MDOT (39,322)
Title: RECONCILIATION OF SEFA TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Water Supply System Fund, Federal grant revenue 1,129,944
Title: RECONCILIATION OF SEFA TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Wastewater Treatment System Fund, Loan from US Environmental
Title: RECONCILIATION OF SEFA TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
Protection Agency Passed Through State of Michigan - EGLE 791,735
Title: RECONCILIATION OF SEFA TO FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
TOTAL SEFA EXPENDITURES $ 2,112,583
Title: #5 DE MINIMIS INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement. Negative amounts, if any, shown on
the Schedule represent adjustments or credits made in the normal course of business to amounts reported
as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: DID NOT USE DEMINIMIS COST RATE
The City did not elect to use the 10% de minimis indirect cost rate.