Notes to SEFA
Title: Contingencies
Accounting Policies: Expenditures reported on the 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. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent that such costs are included in the Federal financial reports used as the source for the data presented. The de minimis election allows the Village to allocate 10% of indirect costs to grants with periods ending on or before September 30, 2024 and 15% of indirect costs to grant with periods after September 30, 2024. The Village does not use the de minimis election.
The District participates in various Federal grant programs. These programs are subject to program compliance audits pursuant to the Uniform Guidance. he amount of expenditures which may be disallowed by the granting agencies cannot be determined at this time.