Notes to SEFA
Title: Note B - Other Information
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 the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the Village’s federal awards 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 Village did not elect to use the 10% de minimis indirect cost rate permitted by 2 CFR Section 200.414.
The Village did not receive any federal insurance or noncash assistance and provided no Federal awards to subrecipients during the year ended April 30, 2024. The Village had no federal loans with compliance requirements.
Title: Note C - Illinois Enviornmental Proteciton 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 the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the Village’s federal awards 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 Village did not elect to use the 10% de minimis indirect cost rate permitted by 2 CFR Section 200.414.
The Village had Illinois Environmental Protection Agency Loans outstanding in the amount of $7,862,827 at April 30, 2024. The loans were initially partially funded with federal monies. The loans have no continuing compliance requirements aside from loan repayment.