Notes to SEFA
Title: ILLINOIS ENVIRONMENTAL PROTECTION AGENCY LOANS
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 Citys 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 auditee did not use the de minimis cost rate.
The City had Illinois Environmental Protection Agency Loans outstanding in the amount of$757,841 at December 31, 2022. The loans have no continuing compliance requirements aside from loan repayment.