New Search
CITY OF EUGENE, OREGON <br />Notes to Schedule of Expenditures of Federal Awards <br />June 30,.2008 <br />(1) <br />(2) <br />Purpose of the Schedule <br />The accompanying schedule of expenditures of federal awards (the "Schedule") is a supplementary <br />schedule to the City of Eugene's basic financial statements and is presented for purposes of additional <br />analysis. Because the Schedule presents only a selected portion of the activities of the City of Eugene, <br />Oregon, it is not intended to and does not present either the financial position, changes in fund balances, <br />or the operating funds' revenues or expenditures of the City of Eugene, Oregon. <br />Significant Accounting Policies <br />Basis of Presentation <br />The information in the Schedule is presented in accordance with OMB Circular A-133, Audits of States, <br />Local Governments, and Non-Profit Organizations. <br />Federal Financial Assistance <br />Pursuant to the Single Audit Act of 1984 and OMB Circular A-133, federal financial assistance is defined <br />as assistance provided by a federal agency, either directly or indirectly, in the form of grants, contracts, <br />cooperative agreements, loans, loan guarantees, property, interest subsidies, insurance or direct <br />appropriations. Accordingly, nonmonetary federal assistance, including federal surplus property, is <br />included in federal financial assistance and, therefore, is reported on the Schedule, if applicable. Federal <br />financial assistance does not include direct federal cash assistance to individuals. Solicited contracts <br />between the state and federal government for which the federal government procures tangible goods or <br />services are not considered to be federal financial assistance. <br />Major Programs <br />The Single Audit Act of 1984 and OMB Circular A-133 establish criteria to be used in defining major <br />federal financial assistance programs. Major programs for the City of Eugene, Oregon are those <br />programs selected for testing by the auditor using arisk-assessment model, as well as certain minimum <br />expenditure requirements, as outlined in OMB Circular A-133. Programs with similar requirements may <br />be grouped into a cluster for testing purposes. <br />Reoortino Entit <br />The reporting entity is fully described in Note 1(A) to the City of Eugene, Oregon's Basic Financial <br />Statements. Additionally, the Schedule includes all federal programs administered by the City of Eugene, <br />Oregon for the year ended June 30, 2008. <br />Revenue and Expenditure Recognition <br />The receipt and expenditure of federal awards are accounted for under the modified accrual basis of <br />accounting. Revenues are recorded as received in cash or on the accrual basis where measurable and <br />available. Expenditures are recorded when the liability is incurred. <br />170 <br />