Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures in the schedule are presented in accordance with the modified accrual basis of accounting and are
generally in agreement with expenditures reported in the Village’s 2024 fund financial statements. Accounts
receivable at year-end consists of federal program expenditures scheduled for reimbursement to the Village in the
succeeding year while unearned revenue represents advances for federal programs that exceed recorded Village
expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s
ending balances. Expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: n/a
The accompanying schedule of expenditures of federal awards for the Village are 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).
The schedule of expenditures of federal awards includes all federal awards of the Village. Because the schedule
presents only a selected portion of the operations of the Village, it is not intended to and does not present the
financial position, changes in net position, or cash flows of the Village.
Title: Significant Accounting Policies
Accounting Policies: Expenditures in the schedule are presented in accordance with the modified accrual basis of accounting and are
generally in agreement with expenditures reported in the Village’s 2024 fund financial statements. Accounts
receivable at year-end consists of federal program expenditures scheduled for reimbursement to the Village in the
succeeding year while unearned revenue represents advances for federal programs that exceed recorded Village
expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s
ending balances. Expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: n/a
Expenditures in the schedule are presented in accordance with the modified accrual basis of accounting and are
generally in agreement with expenditures reported in the Village’s 2024 fund financial statements. Accounts
receivable at year-end consists of federal program expenditures scheduled for reimbursement to the Village in the
succeeding year while unearned revenue represents advances for federal programs that exceed recorded Village
expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s
ending balances. Expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
The Village has not elected to charge a de minimis indirect cost rate of 10% of modified total costs.
Title: Oversight Agencies
Accounting Policies: Expenditures in the schedule are presented in accordance with the modified accrual basis of accounting and are
generally in agreement with expenditures reported in the Village’s 2024 fund financial statements. Accounts
receivable at year-end consists of federal program expenditures scheduled for reimbursement to the Village in the
succeeding year while unearned revenue represents advances for federal programs that exceed recorded Village
expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s
ending balances. Expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: n/a
The Village’s federal oversight agency is the U.S. Environmental Protection Agency.