Notes to SEFA
Title: Note B - Other Information
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the City’s federal award programs presented on the modified cash basis of accounting in accordance
with generally accepted accounting principles. Accordingly, expenditures are recognized whe the liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
The City did not receive any federal insurance, free rent, or noncash assistance and provided no Federal awards to subrecipients during the year ended April 30, 2024.
Title: Note C - Illinois Environmental Protection Agency Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the City’s federal award programs presented on the modified cash basis of accounting in accordance
with generally accepted accounting principles. Accordingly, expenditures are recognized whe the liability has been incurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
The City had Illinois Environmental Protection Agency Loans outstanding in the amount of $4,910,743 at April 30, 2024. The loans were initially partially funded with federal monies. The loans have no continuing compliance requirements aside from loan repayment.