Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in
accordance with accounting principles generally accepted in the United States of America as
promulgated by the Governmental Accounting Standards Board (GASB). It is a summary of the
activity of the Village’s federal awards programs prepared on the accrual basis of accounting.
Accordingly, expenditures are recognized when the liability has been incurred and revenues are
recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The Village has elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR
Section 200.414.
There were no subrecipients for the fiscal year ending April 30, 2023.
Title: OTHER INFORMATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in
accordance with accounting principles generally accepted in the United States of America as
promulgated by the Governmental Accounting Standards Board (GASB). It is a summary of the
activity of the Village’s federal awards programs prepared on the accrual basis of accounting.
Accordingly, expenditures are recognized when the liability has been incurred and revenues are
recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The Village has elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR
Section 200.414.
The Village did not receive any federal insurance, free rent, or noncash assistance and had no
federal loans or loan guarantees outstanding with continuing compliance requirements during the
year ended April 30, 2023.