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. The Village of Vernon Hills, Illinois, has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Pass-through entity project/contract numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Auditee did not apply indirect costs.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Village of Vernon Hills, Illinois, under programs of the federal government for the year ended April 30, 2023. The information on the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), Because the Schedule only presents a selected portion of the operations of the Village of Vernon Hills, Illinois, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Village of Vernon Hills, Illinois.
Title: Subrecipents
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. The Village of Vernon Hills, Illinois, has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Pass-through entity project/contract numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Auditee did not apply indirect costs.
The Village of Vernon Hills, Illinois provided no federal awards to subrecipients during the fiscal year ended April 30, 2023.
Title: Nonmonetary Assistance
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. The Village of Vernon Hills, Illinois, has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Pass-through entity project/contract numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Auditee did not apply indirect costs.
The Village of Vernon Hills, Illinoi, neither received nor disbursed federal awards in the form of nonmonetary assistance during the fiscal year ended April 30, 2023.
Title: Insurance and Loans or Loan Guarantees
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. The Village of Vernon Hills, Illinois, has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Pass-through entity project/contract numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The Auditee did not apply indirect costs.
During the fiscal year ended April 30, 2023, the Village of Vernon Hills, Illinois, received no insurance, loans, loan guarantees or other federal assistance for the purpose of administering federal programs.