Notes to SEFA
Title: Description of Major Federal Programs
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Illinois Valley Economic Development Corporation (Agency) and is presented on the accrual basis of accounting. The information in this schedule 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The major federal program of the Agency is the U.S. Department of Health and Human Services – LIHEAP (93.568). The objectives of LIHEAP are to help low-income people meet the costs of home energy (defined as heating and cooling of residences), increase their energy self-sufficiency, and reduce their vulnerability resulting from energy needs. A primary purpose is meeting immediate home energy needs. The target population is low-income households, especially those with the lowest incomes and the highest home energy costs or needs in relation to income, taking into account family size. Additional targets are low-income households with members who are especially vulnerable, including the elderly, persons with disabilities, and young children.
Title: Additional Information
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Illinois Valley Economic Development Corporation (Agency) and is presented on the accrual basis of accounting. The information in this schedule 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). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
As of and during the year ended June 30, 2024, the Agency did not receive any federal loans, federal insurance, or federal non-cash. In addition, the Agency did not pass through any federal grants to sub-recipients.