Notes to SEFA
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: N
Rate Explanation: The Village has not elected the 10% federal de minimis indirect cost rate.
The Village did not receive any federal insurance or noncash assistance and provided no Federal
awards to subrecipients during the year ended April 30, 2022.
Title: ILLINOIS ENVIRONMENTAL PROTECTION AGENCY LOANS
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: N
Rate Explanation: The Village has not elected the 10% federal de minimis indirect cost rate.
The Village had Illinois Environmental Protection Agency Loans outstanding in the amount of $20,925,907 at April 30, 2022. The loans currently in repayment phase have no continuing compliance requirements aside from loan repayment.