Title: NOTE 1 – Basis of Accounting
Accounting Policies: Basis of Accounting, Basis of Presentation, de-minimus cost rate, Contingencies, Subsequent Events, Non-Cash Assistance, Loans Outstanding, Insurance Coverage.
De Minimis Rate Used: Y
Rate Explanation: The County used the 10% de-minimus cost rate.
The accompanying schedule of expenditures of federal awards includes the federal grant activity of Williamson County Government, Illinois and is presented on the accrual basis of accounting, which is the same basis of accounting as the financial statements.
Title: NOTE 2 – Basis of Presentation
Accounting Policies: Basis of Accounting, Basis of Presentation, de-minimus cost rate, Contingencies, Subsequent Events, Non-Cash Assistance, Loans Outstanding, Insurance Coverage.
De Minimis Rate Used: Y
Rate Explanation: The County used the 10% de-minimus cost rate.
The accompanying schedule presents expenditures paid for each federal awards program in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Federal programs in titles are reported as presented in Assistance Listing Number (ALN), whenever possible.
Williamson County Government, Illinois, a non-federal entity, elected to use the 10% de-minimus cost rate as covered in §200.414 Indirect (F&A) costs.
Title: NOTE 3 – Contingencies
Accounting Policies: Basis of Accounting, Basis of Presentation, de-minimus cost rate, Contingencies, Subsequent Events, Non-Cash Assistance, Loans Outstanding, Insurance Coverage.
De Minimis Rate Used: Y
Rate Explanation: The County used the 10% de-minimus cost rate.
The County has received funding from state and federal grants in the current and prior years which are subject to audits by the granting agencies. The board of commissioners believes any adjustments that may arise from those audits will be insignificant to county operations.
Title: NOTE 4 – Subsequent Events
Accounting Policies: Basis of Accounting, Basis of Presentation, de-minimus cost rate, Contingencies, Subsequent Events, Non-Cash Assistance, Loans Outstanding, Insurance Coverage.
De Minimis Rate Used: Y
Rate Explanation: The County used the 10% de-minimus cost rate.
The County has evaluated subsequent events through April 23, 2024, the date which the financial statements were available to be issued.
Title: NOTE 5 – Non-Cash Assistance
Accounting Policies: Basis of Accounting, Basis of Presentation, de-minimus cost rate, Contingencies, Subsequent Events, Non-Cash Assistance, Loans Outstanding, Insurance Coverage.
De Minimis Rate Used: Y
Rate Explanation: The County used the 10% de-minimus cost rate.
Williamson County Government, Illinois did not provide any non-cash assistance during year ended November 30, 2022
Title: NOTE 6 – Loans Outstanding
Accounting Policies: Basis of Accounting, Basis of Presentation, de-minimus cost rate, Contingencies, Subsequent Events, Non-Cash Assistance, Loans Outstanding, Insurance Coverage.
De Minimis Rate Used: Y
Rate Explanation: The County used the 10% de-minimus cost rate.
Williamson County Government, Illinois had no loans outstanding as of November 30, 2022 associated with federal grant awards.
Title: NOTE 7 – Insurance Coverage
Accounting Policies: Basis of Accounting, Basis of Presentation, de-minimus cost rate, Contingencies, Subsequent Events, Non-Cash Assistance, Loans Outstanding, Insurance Coverage.
De Minimis Rate Used: Y
Rate Explanation: The County used the 10% de-minimus cost rate.
Significant losses are covered by commercial insurance for all major programs: property, liability, and workers compensation. During the year ended November 30, 2022, there were no significant reductions in coverage. Also, there have been no settlement amounts, which have exceeded insurance coverage in the past three years.