Notes to SEFA
Title: Note C - Illinois Environmental Protection Agency Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared in accordance
with accounting principles generally accepted in the United States of America as promulgated by
the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the
Village’s federal award programs prepared on the accrual basis of accounting. Accordingly,
expenditures are recognized when the liability has been incurred and revenues are recognized
when the qualifying expenditure has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The Village has elected to use the 10% de minimis indirect cost rate as permitted by
2 CFR §200.414.
The Village had Illinois Environmental Protection Agency Loans outstanding in the amount of
$956,587 at April 30, 2024. The loans have no continuing compliance requirements aside from
loan repayment.
Title: Note D - Other Information
Accounting Policies: The accompanying schedule of expenditures of federal awards has been prepared in accordance
with accounting principles generally accepted in the United States of America as promulgated by
the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the
Village’s federal award programs prepared on the accrual basis of accounting. Accordingly,
expenditures are recognized when the liability has been incurred and revenues are recognized
when the qualifying expenditure has been incurred.
De Minimis Rate Used: Y
Rate Explanation: The Village has elected to use the 10% de minimis indirect cost rate as permitted by
2 CFR §200.414.
The Village did not receive any federal insurance or noncash assistance and provided no Federal
awards to subrecipients during the year ended April 30, 2024.