Notes to SEFA
Title: 2
Accounting Policies: The accompanying schedule of expenditures of federal awards (SEFA) includes
the federal grant activity of the City of The Village and is presented
in accordance with the modified cash basis for determining federal awards expended.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The City has not been notified of any noncompliance with federal award requirements.
Any liability for reimbursement which may arise as a result of these auditors cannot
be reasonably determined at this time, although it is believed the amount, if any, would not be material.