Title: Subrecipients, Loan Guarantees, Federal Insurance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Thornton Township, Illinois and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on the schedule are reported on the modified accrual basis of accounting, which is described in Note 1 to the Township's Financial Statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
Of the federal expenditures presented in the schedules, the Thornton Township Foundation, Inc. provided federal awards in the amount of $4,944,964 to Thornton Township, Illinois in relation to the commodities based on the Foundation audit at 6/30/21.
Title: Non-cash Assistance
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Thornton Township, Illinois and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on the schedule are reported on the modified accrual basis of accounting, which is described in Note 1 to the Township's Financial Statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The following amounts were expended in the form of non-cash assistance by Thornton Township, Illinois and are included in the Schedule of Expenditures of Federal Awards:$4,944,964
Title: Major Program
Accounting Policies: The accompanying schedule of expenditures of federal awards includes the federal award activity of Thornton Township, Illinois and is presented on the modified accrual basis of accounting. The information in this schedule is presented in accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. Expenditures reported on the schedule are reported on the modified accrual basis of accounting, which is described in Note 1 to the Township's Financial Statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
In accordance with the requirements of the Office of Management and Budget Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, major programs for the Township are individual programs or a cluster of programs determined by using a risk-based analysis. The threshold for distinguishing Type A and Type B programs was $750,000.