Notes to SEFA
Title: 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 Village’s federal award programs prepared on the accrual basis of accounting. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures are recognized when the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The Village did not elect to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
The Village did not have any federal expenditures related to loans, loan guarantees, insurance or
noncash items.