Notes to SEFA
Title: Note B - Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Village’s federal award programs presented on the accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the liability 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.
There were no subrecipients for the fiscal year ending December 31, 2023.
Title: Note C - Other Information
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Village’s federal award programs presented on the accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the liability 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.
There were no insurance, loans, or loan guarantees related to federal awards reported in the Schedule of Expenditures of Federal Awards.
Title: Note D - Outstanding Federal Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Village’s federal award programs presented on the accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the liability 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.
There are no outstanding loans with federal compliance as of December 31, 2023.