Notes to SEFA
Title: Basis of Accounting
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the Village, an entity as defined in Note 1 to the Village's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The Village has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
The basis of accounting varies by federal program consistent with the underlying regulations pertaining to each program. The amounts reported as federal expenditures generally were obtained from the appropriate federal financial reports for the applicable program and periods. The amounts reported in these federal financial reports are prepared from records maintained for each program. These records are periodically reconciled to the general ledger which is the source of the basic financial statements.
Title: Matching Cost
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal awards programs administered by the Village, an entity as defined in Note 1 to the Village's basic financial statements. Federal awards received directly from federal agencies, as well as federal awards passed through from other government agencies, are included on the Schedule of Expenditures of Federal Awards.
De Minimis Rate Used: N
Rate Explanation: Indirect costs are included in the reported expenditures to the extent they are included in the federal financial reports used as the source for the data presented. The Village has not elected to use the 10% de minimus indirect cost rate allowed under Uniform Guidance.
Matching costs (for example, the Village's share of certain program costs) are not included in the reported expenditures.