Notes to SEFA
Title: Note B - Subrecipients
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the
Village’s federal award programs presented on the modified accrual basis of accounting in
accordance with generally accepted accounting principles. Accordingly, revenues are recognized
when the qualifying expenditure has been incurred and expenditures have been recognized when
the fund liability 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 Section
200.414.
The Village provided federal awards to subrecipients from the Community Development Block
Grant in the amount of $99,323 for the fiscal year ending December 31, 2024.
Title: Note C - Other Information
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the
Village’s federal award programs presented on the modified accrual basis of accounting in
accordance with generally accepted accounting principles. Accordingly, revenues are recognized
when the qualifying expenditure has been incurred and expenditures have been recognized when
the fund liability 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 Section
200.414.
No noncash assistance was provided and no federal insurance was in effect.
Title: Note D - Outstanding Federal Loans
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the
Village’s federal award programs presented on the modified accrual basis of accounting in
accordance with generally accepted accounting principles. Accordingly, revenues are recognized
when the qualifying expenditure has been incurred and expenditures have been recognized when
the fund liability 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 Section
200.414.
There are no outstanding loans with federal compliance requirements as of December 31, 2024.