Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported on this Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
There was no non-cash assistance received during the year ended April 30, 2024. In addition, there were no direct loans or loan guarantees outstanding at April 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The City of Chicago Heights, Illinois (the City) is a governmental entity established under Illinois State Statutes. The City reporting entity is defined in the notes to the City’s basic financial statements. The City reports all component units in its basic financial statements. However, the City has excluded any federal awards granted to its blended component unit, the City of Chicago Heights Public Library (Library). The Library did not have any expenditures of federal awards was not required to have a single audit performed for the year ended April 30, 2024.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the federal award activity of the City under programs of the federal government for the year ended April 30, 2024. The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations 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 the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on this Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
There was no non-cash assistance received during the year ended April 30, 2024. In addition, there were no direct loans or loan guarantees outstanding at April 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Expenditures reported on this Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
There was no non-cash assistance received during the year ended April 30, 2024. In addition, there were no direct loans or loan guarantees outstanding at April 30, 2024.
Title: Indirect Cost Rate
Accounting Policies: Expenditures reported on this Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
There was no non-cash assistance received during the year ended April 30, 2024. In addition, there were no direct loans or loan guarantees outstanding at April 30, 2024.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The City has elected not to use the 10% de minimis indirect cost rate as allowed under the Uniform Guidance.