Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the full accrual 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Village has not elected to use the 10- percent de minimis indirect cost rate as allowed under The Uniform Guidance.
The Schedule of Expenditures of Federal Awards (the "Schedule") includes the federal award activity of the Village under programs of the federal government for the year ended. 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 (The Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Village, it is not intended to and does not present the financial position, change in financial position, or cash flows of the Village.
Title: FEDERAL LOAN
Accounting Policies: Expenditures reported on the Schedule are reported on the full accrual 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. Negative amounts shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The Village has not elected to use the 10- percent de minimis indirect cost rate as allowed under The Uniform Guidance.
The Village was approved by the Missouri Department of Natural Resources to receive a loan from the Environmental Protection Agency totaling $245,000 to meet the matching requirements for the Capital Grant for DWSRF. The amount listed for this loan includes the beginning of the period loan balance plus proceeds used during the year. Proceeds used during the year are included in the schedule. The balance owed at the end of the period is $194,254.