Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the
Village’s federal award programs presented on the accrual basis of accounting in accordance with
generally accepted accounting principles. Accordingly, revenues are recognized when the
qualifying expenditure has been incurred and expenditures have been recognized when the liability
has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The Village has elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section
200.414.
The Village did not provide federal awards to subrecipients for the fiscal year ending April 30, 2024.
Title: OTHER INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the
Village’s federal award programs presented on the accrual basis of accounting in accordance with
generally accepted accounting principles. Accordingly, revenues are recognized when the
qualifying expenditure has been incurred and expenditures have been recognized when the liability
has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The Village has elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section
200.414.
No noncash assistance was provided and no federal insurance was in effect.
Title: ILLINOIS ENVIRONMENTAL PROTECTION AGNECY LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the
Village’s federal award programs presented on the accrual basis of accounting in accordance with
generally accepted accounting principles. Accordingly, revenues are recognized when the
qualifying expenditure has been incurred and expenditures have been recognized when the liability
has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The Village has elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section
200.414.
The Village had Illinois Environmental Protection Agency Loans outstanding in the amount of $6,725,273 at April 30, 2024. The loans were funded in part with federal monies. The loans have no continuing compliance requirements aside from loan repayment.