Notes to SEFA
Title: Note 2 - Subrecipients
Accounting Policies: The accompanying schedule of federal awards is a summary of the activity of the Village’s federal award programs presented on the modified accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The Village did not elect to use the federal 10% de minimis indirect cost rate for the year ending April 30, 2024.
There were no subrecipients for the fiscal year ending April 30, 2024.
Title: Note 3 - Noncash Transactions
Accounting Policies: The accompanying schedule of federal awards is a summary of the activity of the Village’s federal award programs presented on the modified accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The Village did not elect to use the federal 10% de minimis indirect cost rate for the year ending April 30, 2024.
There were no noncash transactions for the fiscal year ending April 30, 2024.
Title: Note 4 - Federal Loans
Accounting Policies: The accompanying schedule of federal awards is a summary of the activity of the Village’s federal award programs presented on the modified accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The Village did not elect to use the federal 10% de minimis indirect cost rate for the year ending April 30, 2024.
The Village had no federal loans for the fiscal year ending April 30, 2024.
Title: Note 5 - Federal Insurance
Accounting Policies: The accompanying schedule of federal awards is a summary of the activity of the Village’s federal award programs presented on the modified accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The Village did not elect to use the federal 10% de minimis indirect cost rate for the year ending April 30, 2024.
There was no federal insurance in effect for the fiscal year ending April 30, 2024.