Notes to SEFA
Title: Note B - 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
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 did not elect to use the 10% federal de minimis indirect cost rate.
The City had Illinois Environmental Protection Agency Loans outstanding in the amount of
$665,117 at December 31, 2024. The loans have no continuing compliance requirements aside
from loan repayment.