Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual or modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represents adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. The underlying accounting records for some grant programs are maintained on the modified accrual basis of accounting. Under the modified accrual basis, revenues are recorded when susceptible to accrual, i.e., both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the liability is incurred. The accounting records for other grant programs are maintained on the accrual basis, i.e., when the revenue has been earned and the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The Village of Belleville has not elected to use the 10% de minimis indirect cost rate
The accompanying schedule of expenditures of federal and state awards (the Schedule) include the federal and state award activity of the Village of Belleville, Wisconsin under programs of the federal and state government for the year ended December 31, 2022. The information in the Schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Guidelines. Because the Schedule presents only a selected portion of the operations of the Village of Belleville, it is not intended to and does not present the financial position, changes in net position or cash flows of the Village of Belleville.
Title: Loan and Loan Guarantee Programs
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual or modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts shown on the Schedule represents adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years. Pass-through entity identifying numbers are presented where available. The underlying accounting records for some grant programs are maintained on the modified accrual basis of accounting. Under the modified accrual basis, revenues are recorded when susceptible to accrual, i.e., both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the liability is incurred. The accounting records for other grant programs are maintained on the accrual basis, i.e., when the revenue has been earned and the liability is incurred.
De Minimis Rate Used: N
Rate Explanation: The Village of Belleville has not elected to use the 10% de minimis indirect cost rate
The Community Facilities Loan is administered by the Village of Belleville and outstanding balances owedrelating to the program are included in the Village of Belleville's basic financial statements. The balance ofthe loan outstanding at December 31, 2022 consists of:Assistance Listing NumberProgram NameOutstanding Balance atDecember 31, 202210.766 Community Facilities Loan $ 3,640,000