Notes to SEFA
Title: Note B - Other Information
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 the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the City’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 City has not elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
The City did not receive any federal insurance, free rent, or noncash assistance during the year ended December 31, 2024.
Title: Note C - Illinois Environmental Protection Agency Loans
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 the Governmental Accounting Standards Board (GASB). It is a summary of the activity of the City’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 City has not elected to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
The City had Illinois Environmental Protection Agency Loans outstanding in the amount of $188,558 at December 31, 2024. The loans were initially partially funded with federal monies. The loans have no continuing compliance requirements aside from loan repayment.