Notes to SEFA
Title: Loan/loan guarantee outstanding balances
Accounting Policies: NOTE 1 & 2: 1.) BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Village of Sheridan under programs of the federal government for the year ended March 31, 2022. 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 select portion of the operations of the Village of Sheridan, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Village of Sheridan. SUMMARY OF SIGNIFICANT 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 allowed or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
WATER AND WASTE DISPOSAL SYSTEMS FOR RURAL COMMUNITIES (10.760) - Balances outstanding at the end of the audit period were 1011781.
Title: RECONCILIATION OF SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS TO FINANCIALS
Accounting Policies: NOTE 1 & 2: 1.) BASIS OF PRESENTATION - The accompanying schedule of expenditures of federal awards (the schedule) includes the federal award activity of the Village of Sheridan under programs of the federal government for the year ended March 31, 2022. 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 select portion of the operations of the Village of Sheridan, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Village of Sheridan. SUMMARY OF SIGNIFICANT 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 allowed or are limited as to reimbursement. Negative amounts, if any, shown on the Schedule represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
reported in the Village's financial statements for the year ended March 31, 2022: Governmental Fund, federal grants -- $15,117, Sewer Fund proceeds/expenditures from bond issue -- $1,035,781. Total $1,050,898.