Notes to SEFA
Title: SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Villages 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: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Village did not provide federal awards to subrecipients for the fiscal year ending April 30, 2022.
Title: OTHER INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Villages 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: Y
Rate Explanation: The auditee used the de minimis cost rate.
No noncash assistance was provided and no federal insurance was in effect.
Title: OUTSTANDING FEDERAL LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the Villages 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: Y
Rate Explanation: The auditee used the de minimis cost rate.
The Village had Illinois Environmental Protection Agency Loans outstanding in the amount of $25,258,555 at April 30, 2022. The loans have no continuing compliance requirements aside from loan repayment.