Notes to SEFA
Title: NOTE B - NONCASH AWARDS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by GASB. It is a summary of the activity of the Village’s federal award programs prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The Village did not elect to use the 10% de minimis indirect cost rate permitted by 2 CFR Section 200.414.
There was no noncash assistance reported in the Schedule of Expenditures of Federal Awards.
Title: NOTE C - OTHER INFORMATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by GASB. It is a summary of the activity of the Village’s federal award programs prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The Village did not elect to use the 10% de minimis indirect cost rate permitted by 2 CFR Section 200.414.
There was no insurance, loans, or loan guarantees related to federal awards reported in the Schedule of Expenditures of Federal Awards.
Title: NOTE D - SUBRECIPIENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by GASB. It is a summary of the activity of the Village’s federal award programs prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The Village did not elect to use the 10% de minimis indirect cost rate permitted by 2 CFR Section 200.414.
Of the federal expenditures presented in this schedule, the Village provided federal awards to subrecipients from the Community Development Block Grants/Entitlement Grants Program (ALN
#14.218) in the amount of $37,270.