Notes to SEFA
Title: Basis of Presentation
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. The Village haselected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
NOTE 1 BASIS OF PRESENTATIONThe accompanying schedule of expenditures of federal awards includes the federal grant activity of theVillage and is presented on the accrual basis of accounting. The information in this schedule ispresented in accordance with requirements of the Uniform Guidance. Therefore, some amountspresented in this schedule may differ from amounts presented in or used in the preparation of thefinancial statements
Title: Note 3 Subrecipients
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. The Village haselected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
NOTE 3 SUBRECIPIENTSThere were no subrecipients.
Title: Note 4 Accounting System and Internal Control
Accounting Policies: NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESExpenditures reported in the schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance, whereincertain types of expenditures are not allowable or are limited as to reimbursement. The Village haselected not to use the 10% de minimis indirect cost rate allowed under Uniform Guidance
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
NOTE 4 ACCOUNTING SYSTEM AND INTERNAL CONTROLSThe Housing and Urban Development programs are accounted for by a third party. It is this accountingsystem that is the basis for conclusions concerning the federal awards and expenditures of this program.