Notes to SEFA
Title: General
Accounting Policies: The accompanying schedule presents the activity of all federal award programs of the Village, 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) and is presented using the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Village of Lake in the Hills, Illinois (“Village”). The Village’s reporting entity is defined in Note 1 to the Village’s financial statements.
Title: Basis of Presentation
Accounting Policies: The accompanying schedule presents the activity of all federal award programs of the Village, 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) and is presented using the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The accompanying 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).
Title: Basis of Accounting
Accounting Policies: The accompanying schedule presents the activity of all federal award programs of the Village, 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) and is presented using the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis 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. Expenditures are recognized following the cost principles contained in the Uniform Guidance.
Title: Non-Cash and Federal Insurance
Accounting Policies: The accompanying schedule presents the activity of all federal award programs of the Village, 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) and is presented using the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Village received non-cash assistance during the fiscal year of $78,649.
Title: Indirect Cost
Accounting Policies: The accompanying schedule presents the activity of all federal award programs of the Village, 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) and is presented using the accrual basis of accounting.
De Minimis Rate Used: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Village has elected to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance.