Notes to SEFA
The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant activity of the Village of Spring Valley (Village), under programs of the federal government for the year ended May 31, 2023. The information in this Schedule is presented in accordance with the requirements of Title U.S. Code of Federal Regulations part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of the Village, and it is not intended to and does not present the financial position, changes in net position, or cash flows for the Village as a whole.
The Schedule is presented using generally accepted accounting principles, as described in the Village’s basic financial statements.
Indirect costs are included in the reported expenditures to the extent they are included in the financial reports used as the source for the expenditures presented. The Village did not elect to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Matching costs, i.e., the Village’s share of certain program costs, are not included in the reported expenditures.