Title: Note 4: Nonmonetary Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Village of Fairmont City, Illinois under programs of the federal government for the year ended April 30, 2023 and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations for Federal Awards 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, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Village.
De Minimis Rate Used: N
Rate Explanation: The Village of Fairmont City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
No federal nonmonetary assistance was granted to the Village in the fiscal year.
Title: Note 5: Insurance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Village of Fairmont City, Illinois under programs of the federal government for the year ended April 30, 2023 and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations for Federal Awards 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, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Village.
De Minimis Rate Used: N
Rate Explanation: The Village of Fairmont City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Village purchases commercial general liability, workers’ compensation and property insurance to cover all risks. The Village does not have any insurance provided by federal sources.
Title: Note 6: Loans and Loan Guarantees
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Village of Fairmont City, Illinois under programs of the federal government for the year ended April 30, 2023 and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations for Federal Awards 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, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Village.
De Minimis Rate Used: N
Rate Explanation: The Village of Fairmont City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Village has no federal loans or loan guarantees outstanding as of April 30, 2023.
Title: Note 7: Payments to Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal grant activity of Village of Fairmont City, Illinois under programs of the federal government for the year ended April 30, 2023 and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations for Federal Awards 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, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Village.
De Minimis Rate Used: N
Rate Explanation: The Village of Fairmont City has not elected to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The Village of Fairmont City does not pass federal funds through to any subrecipients in the fiscal year.