Title: NOTE A – BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the 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.
When applicable, the Village of Bourbonnais allocates management and general expenses to grants and programs using the 10% de minimis indirect cost rate in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The base used for calculating the indirect cost assigned to each grant is total direct costs excluding expenditures of equipment and subawards.
De Minimis Rate Used: N
Rate Explanation: Village did not claim indirect costs in FY23.
The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of the Village of Bourbonnais under programs of the federal government for the year ended April 30, 2023. The information in this Schedule 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). Because the Schedule presents only a portion of the operations of the Village of Bourbonnais, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Village of Bourbonnais.
Title: NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the 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.
When applicable, the Village of Bourbonnais allocates management and general expenses to grants and programs using the 10% de minimis indirect cost rate in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The base used for calculating the indirect cost assigned to each grant is total direct costs excluding expenditures of equipment and subawards.
De Minimis Rate Used: N
Rate Explanation: Village did not claim indirect costs in FY23.
Expenditures reported on the Schedule are reported on the 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.
When applicable, the Village of Bourbonnais allocates management and general expenses to grants and programs using the 10% de minimis indirect cost rate in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The base used for calculating the indirect cost assigned to each grant is total direct costs excluding expenditures of equipment and subawards.
Title: NOTE C – SUBRECIPIENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the 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.
When applicable, the Village of Bourbonnais allocates management and general expenses to grants and programs using the 10% de minimis indirect cost rate in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The base used for calculating the indirect cost assigned to each grant is total direct costs excluding expenditures of equipment and subawards.
De Minimis Rate Used: N
Rate Explanation: Village did not claim indirect costs in FY23.
During the year ended April 30, 2023, the Village of Bourbonnais did not pass through federal assistance to any subrecipients.
Title: NOTE D – FEDERAL NONCASH ASSISTANCE
Accounting Policies: Expenditures reported on the Schedule are reported on the 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.
When applicable, the Village of Bourbonnais allocates management and general expenses to grants and programs using the 10% de minimis indirect cost rate in accordance with Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The base used for calculating the indirect cost assigned to each grant is total direct costs excluding expenditures of equipment and subawards.
De Minimis Rate Used: N
Rate Explanation: Village did not claim indirect costs in FY23.
During the year ended April 30, 2023, the Village of Bourbonnais did not receive any federal insurance or noncash assistance. The Organization also did not have any federal loans or loan guarantees.