Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Village has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The Village did not provide any funds to subrecipients
Title: LOAN PROGRAMS WITH CONTINUING COMPLIANCE REQUIREMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in Uniform Guidance wherein certain types of expenditures may or may not be allowable or may be limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The Village has elected not to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The federal loan programs listed below are administered directly by the Village, and balances and transactions relating to these programs are included in the Village basic financial statements. Loans outstanding at the beginning of the year and loans made during the year are included in the federal expenditures presented in the Schedule. The balances of loans outstanding at December 31, 2023, consist of: