Notes to SEFA
Title: Description of Major Federal Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Illinois Valley Economic Development Corporation (Agency) and is presented on the accrual basis of accounting. The information in this 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The major program of the Agency is the U.S. Department of Health and Human Services - Head Start (93.600). The objectives of the Head Start program are to promote the school readiness of low-income preschool children (ages 3 to 5), including children of federally recognized Indian tribes, Alaska Natives, and migratory seasonal and farm workers, and infants and toddlers (birth through age 3) by enhancing their cognitive social and emotional development in learning environments that support their growth in language, literacy, mathematics, science, social and emotional functioning, creative art, physical skills, and approaches to learning. Parents receive social services and participate in various decision-making processes related to the operation of the program.
Title: Additional Information
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Illinois Valley Economic Development Corporation (Agency) and is presented on the accrual basis of accounting. The information in this 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of and during the year ended June 30, 2023, the Agency did not receive any federal loans, federal insurance, or federal non-cash. In addition, the Agency did not pass through any federal grants to sub-recipients.