Notes to SEFA
Title: NONCASH ASSISTANCE AND INSURANCE
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--- Expenditures for federal programs are recognized as incurred using the accrual basis of accounting and the cost of accounting principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. ---BASIS OF PRESENTATION---The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Illinois Manufacturing Excellence Center (IMEC) under programs of the federal government for the fiscal year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR 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 IMEC, it is not intended to and does not present the financial position, or the changes in net assets and cash flows of IMEC.
De Minimis Rate Used: N
Rate Explanation: IMEC elected to not use the de minimis rate as allowed under the Uniform Guidance.
IMEC did not receive or consume any noncash assistance or insurance in effect during the fiscal year ended September 30, 2023.
Title: LOANS OUTSTANDING
Accounting Policies: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES--- Expenditures for federal programs are recognized as incurred using the accrual basis of accounting and the cost of accounting principles contained in the Uniform Guidance. Under those cost principles, certain types of expenditures are not allowable or are limited as to reimbursement. ---BASIS OF PRESENTATION---The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Illinois Manufacturing Excellence Center (IMEC) under programs of the federal government for the fiscal year ended September 30, 2023. The information in this Schedule is presented in accordance with the requirements of 2 CFR 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 IMEC, it is not intended to and does not present the financial position, or the changes in net assets and cash flows of IMEC.
De Minimis Rate Used: N
Rate Explanation: IMEC elected to not use the de minimis rate as allowed under the Uniform Guidance.
IMEC did not have any loan balances outstanding at September 30, 2023 related to any of the programs included in the federal expenditures presented in the schedule of federal expenditures of federal awards.