Notes to SEFA
Title: Indirect Costs
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principle contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Village has not elected touse the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance. Pass-through entity identifying numbers are presneted where available.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate
Indirect Costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented