Audit 18058

Accounting Policies: Note 1 Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Western Illinois Works, Inc. and is presented on the accrual basis of accounting. The information in this schedule is presented in accordance with the compliance requirements of the Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the financial statements. The Organization elected to use the 10% de minimis indirect cost rate during the year ended June 30, 2022. Note2 Significant Accounting Policies Revenue from federal awards is recognized when the Organization has done everything necessary to establish its right to revenue and the revenue is available to pay liabilities in the current period. Expenditures of federal awards are recognized in the accounting period when the liability is incurred. Note 3 Non-Cash Assistance The Organization did not expend any federal awards in the form of non-cash assistance during the year ended June 30, 2022. In addition, the Organization had no federal insurance or loan guarantees in the current year. Note 4 Other Federal Award Information The Organization did not receive or administer any insurance, loans or loan guarantees during the fiscal year ended June 30, 2022. De Minimis Rate Used: Y Rate Explanation: The auditee used the de minimis cost rate.