Notes to SEFA
Title: Note B - Noncash Awards
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
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: N
Rate Explanation: The Village did not elect to use the 10% de minimis indirect cost rate permitted by 2 CFR
Section 200.414.
There was no noncash assistance reported in the Schedule of Expenditures of Federal Awards.
Title: Note C - Other informaction
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
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: N
Rate Explanation: The Village did not elect to use the 10% de minimis indirect cost rate permitted by 2 CFR
Section 200.414.
There was no insurance, loans, or loan guarantees related to federal awards reported in the
Schedule of Expenditures of Federal Awards
Title: Note D - Subrecipients
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
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: N
Rate Explanation: The Village did not elect to use the 10% de minimis indirect cost rate permitted by 2 CFR
Section 200.414.
There were no subrecipients for the fiscal year ending December 31, 2024.