Notes to SEFA
Title: Note 1: Basis of Accounting
Accounting Policies: Expenditures of federal awards are recognized in the accounting period when the liabilities are incurred and when goods or services are paid. The value of non-cash assistance is valued at fair market value at the time of receipt, or the assessed value provided by the federal agency.
De Minimis Rate Used: N
Rate Explanation: N/A
The accompanying schedule of expenditures of federal awards includes the federal grant expenditures of the City of Galena, Illinois, (the "City") and is presented on the modified cash basis of accounting. The information in this schedule is presented in accordance with the compliance requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The City elected not to use the 10% de minimis indirect cost rate during the year ended April 30, 2025.
Title: Note 2: Significant Accounting Policies
Accounting Policies: Expenditures of federal awards are recognized in the accounting period when the liabilities are incurred and when goods or services are paid. The value of non-cash assistance is valued at fair market value at the time of receipt, or the assessed value provided by the federal agency.
De Minimis Rate Used: N
Rate Explanation: N/A
Expenditures of federal awards are recognized in the accounting period when the liabilities and the goods or services are paid.
Title: Note 3: Noncash Assistance
Accounting Policies: Expenditures of federal awards are recognized in the accounting period when the liabilities are incurred and when goods or services are paid. The value of non-cash assistance is valued at fair market value at the time of receipt, or the assessed value provided by the federal agency.
De Minimis Rate Used: N
Rate Explanation: N/A
The City did not dispense noncash assistance in the form of food commodities or WIC vouchers.
Title: Note 4: Other Federal Award Informaiton
Accounting Policies: Expenditures of federal awards are recognized in the accounting period when the liabilities are incurred and when goods or services are paid. The value of non-cash assistance is valued at fair market value at the time of receipt, or the assessed value provided by the federal agency.
De Minimis Rate Used: N
Rate Explanation: N/A
The City did not receive or administer any insurance, loans or loan guarantees during the fiscal year ended April 30, 2025.