Notes to SEFA
Title: Description of Major Program
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared in accordance with generally accepted accounting principles on the accrual basis of accounting as prescribed in pronouncements issued by the Governmental Accounting Standards Board.
De Minimis Rate Used: N
Rate Explanation: de minimis cost rate not used
There was one major program for the year ended April 30, 2024, ALN #97.036. These funds were awarded by the Federal Emergency Management Agency for the purpose of recovering from the devastating effects of disasters.
Title: Subrecipients
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared in accordance with generally accepted accounting principles on the accrual basis of accounting as prescribed in pronouncements issued by the Governmental Accounting Standards Board.
De Minimis Rate Used: N
Rate Explanation: de minimis cost rate not used
There were no payments made to subrecipients during the year.
Title: Insurance
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared in accordance with generally accepted accounting principles on the accrual basis of accounting as prescribed in pronouncements issued by the Governmental Accounting Standards Board.
De Minimis Rate Used: N
Rate Explanation: de minimis cost rate not used
Village of Chatham did not receive any Federal insurance as part of any Federal award during the year.
Title: Loans and Loan Guarantees
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared in accordance with generally accepted accounting principles on the accrual basis of accounting as prescribed in pronouncements issued by the Governmental Accounting Standards Board.
De Minimis Rate Used: N
Rate Explanation: de minimis cost rate not used
Village of Chatham had no loans or loan guarantees as of or for the year ended April 30, 2024.
Title: De Minimis Rate
Accounting Policies: The Schedule of Expenditures of Federal Awards has been prepared in accordance with generally accepted accounting principles on the accrual basis of accounting as prescribed in pronouncements issued by the Governmental Accounting Standards Board.
De Minimis Rate Used: N
Rate Explanation: de minimis cost rate not used
Village of Chatham did not elect to use the de minimis rate of 10 percent for the year ended April 30, 2024