Notes to SEFA
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of Village of Herrick, Illinois for the year ended April 30, 2024. The information in this schedule is presented in accordance with requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Because the schedule presents only a selected portion of the operations of the Village, it is not intended to, and does not, present the financial position of the governmental activities, the business-type activities, each major fund and aggregate remaining fund information of the Village of Herrick, Illinois, or the respective changes in financial position or, where applicable, cash flows thereof.
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
The Village has received a U.S. Department of Agriculture loan and grant for water system improvements. Federal loan expenditures included on the Schedule are the total of the loan balance outstanding at the beginning of the year of $ 650,400 plus new loan funds received during the year of $ 834,600. Additionally, included in the Federal expenditures balance are grant funds spent of $ 804,100 during the year ended April 30, 2024. The balance of the loan outstanding at April 30, 2024 was: Outstanding Balance at CFDA Number Program Name April 30, 2024 USDA Water and Waste Disposal Systems for Rural 10.760 Communities Loan $ 1,485,000
The Village has not elected to use the 10% de minimis indirect cost rate as allowed under Uniform Guidance.