Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures in the schedule are presented in accordance with the modified accrual basis of accounting and are
generally in agreement with expenditures reported in the Village’s 2023 fund financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards for the Village is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost
Principles and Audit Requirements for Federal Awards (Uniform Guidance).
The schedule of expenditures of federal awards include all federal awards of the Village. Because the schedule
presents only a selected portion of the operations of the Village, it is not intended to and does not present the
financial position, changes in net position, or cash flows of the Village.
Title: Oversight Agencies
Accounting Policies: Expenditures in the schedule are presented in accordance with the modified accrual basis of accounting and are
generally in agreement with expenditures reported in the Village’s 2023 fund financial statements. 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.
De Minimis Rate Used: N
Rate Explanation: N/A
The Village’s federal oversight agency is the Department of Housing and Urban Development.