Notes to SEFA
Title: Note 2 - 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 GASB. It is a summary of the activity of the Village’s 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: Y
Rate Explanation: The Village did 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, free rent, or noncash assistance during the
year ended June 30, 2024.
Title: Note 3 - Outstanding Federal 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 Village’s 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: Y
Rate Explanation: The Village did elect to use the 10% de minimis indirect cost rate permitted by 2 CFR
Section 200.414.
There are no outstanding loans with federal compliance as of June 30, 2024.
Title: Note 4 - Subrecipients
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 Village’s 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: Y
Rate Explanation: The Village did elect to use the 10% de minimis indirect cost rate permitted by 2 CFR
Section 200.414.
The Village had no subrecipients for the year ended June 30, 2024.