Notes to SEFA
Title: NOTE B - SUBRECIPIENTS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the
City’s 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: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
There were no subrecipients for the fiscal year ending April 30, 2023.
Title: NOTE C - OTHER INFORMATION
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the
City’s 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: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
The City did not receive any federal insurance, free rent, or noncash assistance and had no
federal loans or loan guarantees outstanding with continuing compliance requirements during the
year ended April 30, 2023.
Title: NOTE D - ILLINOIS ENVIRONMENTAL PROTECTION AGENCY LOANS
Accounting Policies: The accompanying schedule of expenditures of federal awards is a summary of the activity of the
City’s 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: N
Rate Explanation: The City did not elect to use the 10% de minimis indirect cost rate as permitted by 2 CFR Section 200.414.
The City had Illinois Environmental Protection Agency Loans outstanding in the amount of
$20,131,678 at April 30, 2023. The loans were initially partially funded with federal monies. The
loans have no continuing compliance requirements aside from loan repayment.