Notes to SEFA
Title: Other Federal Assistance
Accounting Policies: Basis of Accounting - The accompanying schedule of expenditures of federal awards includes the federal grant activity of Illinois Principals Association and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, our preparation of the financial statements. Expenditures reported on the schedule are reported on the modified cash 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
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
As of and during the year ended June 30, 2022, the Illinois Principals Association did not receive any noncash federal assistance, federal insurance, or federal loans or loan guarantees.
Title: Sub-recipient Grants
Accounting Policies: Basis of Accounting - The accompanying schedule of expenditures of federal awards includes the federal grant activity of Illinois Principals Association and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in, our preparation of the financial statements. Expenditures reported on the schedule are reported on the modified cash 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
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
During the year ended June 30, 2022, the Illinois Principals Association did not pass through federal funds to sub-recipients.