Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Citys federal award programs presented on the modified accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There were no subrecipients for the fiscal year ending April 30, 2022.
Title: OTHER INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Citys federal award programs presented on the modified accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City 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, 2022.
Title: ILLINOIS ENVIRONMENTAL PROTECTION AGENCY LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Citys federal award programs presented on the modified accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The City had Illinois Environmental Protection Agency Loans outstanding in the amount of$21,387,442 at April 30, 2022. The loans were initially partially funded with federal monies. The loans have no continuing compliance requirements aside from loan repayment.