Notes to SEFA
Title: Note 1
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents only the expenditures incurred by the Village that are reimbursable under federal programs for the year ended April 30, 2023. The information in the Schedule of Expenditures of Federal Awards 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, it is not intended to and does not present the financial position and changes in net position, or cash flows of the Village
De Minimis Rate Used: N
Rate Explanation: The Village has not elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the Village’s financial statements. 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 the reimbursements. The Village has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Title: Note 2
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents only the expenditures incurred by the Village that are reimbursable under federal programs for the year ended April 30, 2023. The information in the Schedule of Expenditures of Federal Awards 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, it is not intended to and does not present the financial position and changes in net position, or cash flows of the Village
De Minimis Rate Used: N
Rate Explanation: The Village has not elected to use the 10% de minimis indirect cost rate.
The accompanying Schedule of Expenditures of Federal Awards presents only the expenditures incurred by the Village that are reimbursable under federal programs for the year ended April 30, 2023. The information in the Schedule of Expenditures of Federal Awards 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, it is not intended to and does not present the financial position and changes in net position, or cash flows of the Village.
Title: Note 3
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents only the expenditures incurred by the Village that are reimbursable under federal programs for the year ended April 30, 2023. The information in the Schedule of Expenditures of Federal Awards 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, it is not intended to and does not present the financial position and changes in net position, or cash flows of the Village
De Minimis Rate Used: N
Rate Explanation: The Village has not elected to use the 10% de minimis indirect cost rate.
The Village has not elected to use the 10% de minimis indirect cost rate.