Notes to SEFA
Title: NOTE B
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Village's federal award programs presented on the modified accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The Village did not elect to use the federal 10% de minimis indirect cost rate for the year ended December 31, 2022.
Of the federal expenditures presented in this schedule, the Village provided no federal awards to sub recipients.
Title: NOTE C
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Village's federal award programs presented on the modified accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The Village did not elect to use the federal 10% de minimis indirect cost rate for the year ended December 31, 2022.
No noncash assistance was provided.
Title: NOTE D
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Village's federal award programs presented on the modified accrual basis of accounting in accordance with generally accepted accounting principles. Accordingly, revenues are recognized when the qualifying expenditure has been incurred and expenditures have been recognized when the fund liability has been incurred.
De Minimis Rate Used: N
Rate Explanation: The Village did not elect to use the federal 10% de minimis indirect cost rate for the year ended December 31, 2022.
There was no federal insurance in effect for the year ended December 31, 2022.