Notes to SEFA
Title: NONCASH AWARDS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by GASB. It is a summary of the activity of the Villages federal award programs prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has beenincurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There was no noncash assistance reported in the Schedule of Expenditures of Federal Awards.
Title: OTHER INFORMATION
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by GASB. It is a summary of the activity of the Villages federal award programs prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has beenincurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
There was no insurance, loans, or loan guarantees related to federal awards reported in the Schedule of Expenditures of Federal Awards.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards has been prepared in accordance with accounting principles generally accepted in the United States of America as promulgated by GASB. It is a summary of the activity of the Villages federal award programs prepared on the accrual basis of accounting. Accordingly, expenditures are recognized when the liability has beenincurred and revenues are recognized when the qualifying expenditure has been incurred.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in this schedule, the Village provided federal awards to subrecipients from the Community Development Block Grants/Entitlement Grants Program (ALN #14.218) in the amount of $59,207 and from the COVID-19 Coronavirus State and Local Fiscal Recovery Funds (ALN #21.027) in the amount of $500,000.