Title: NOTE 1 - BASIS OF PRESENTATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
grant activity of the Village of El Portal for the fiscal year ended September 30, 2022. 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). Because the Schedule presents only a selected portion of the
operations of the Village of El Portal, it’s not intended to and does not present the financial position,
changes in net position/fund balance or cash flows of the Village of El Portal.
De Minimis Rate Used: N
Rate Explanation: The Village elected to not use the 10 percent de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
grant activity of the Village of El Portal for the fiscal year ended September 30, 2022. 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). Because the Schedule presents only a selected portion of the
operations of the Village of El Portal, it’s not intended to and does not present the financial position,
changes in net position/fund balance or cash flows of the Village of El Portal.
Title: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
grant activity of the Village of El Portal for the fiscal year ended September 30, 2022. 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). Because the Schedule presents only a selected portion of the
operations of the Village of El Portal, it’s not intended to and does not present the financial position,
changes in net position/fund balance or cash flows of the Village of El Portal.
De Minimis Rate Used: N
Rate Explanation: The Village elected to not use the 10 percent de minimis indirect cost rate.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting for
grants which are accounted for in the governmental fund types. 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. Pass-through entity identifying numbers are
presented where available.
Title: NOTE 3 - CONTINGENCY
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
grant activity of the Village of El Portal for the fiscal year ended September 30, 2022. 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). Because the Schedule presents only a selected portion of the
operations of the Village of El Portal, it’s not intended to and does not present the financial position,
changes in net position/fund balance or cash flows of the Village of El Portal.
De Minimis Rate Used: N
Rate Explanation: The Village elected to not use the 10 percent de minimis indirect cost rate.
The grant revenue amounts received are subject to audit and adjustment. If any expenditures are
disallowed by grantor agency as a result of such an audit, any claim for reimbursement to the grantor
agencies would become a liability of the Village. In the opinion of management, all grant expenditures
are in compliance with the terms of the grant agreements and applicable federal laws and regulations.
Title: NOTE 4 - INDIRECT COST RECOVERY
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federal
grant activity of the Village of El Portal for the fiscal year ended September 30, 2022. 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). Because the Schedule presents only a selected portion of the
operations of the Village of El Portal, it’s not intended to and does not present the financial position,
changes in net position/fund balance or cash flows of the Village of El Portal.
De Minimis Rate Used: N
Rate Explanation: The Village elected to not use the 10 percent de minimis indirect cost rate.
The Village has elected to not use the 10 percent de minimis indirect cost rate allowed under the
Uniform Guidance.