Title: Basis of Presentation
Accounting Policies: Expenditures reported on the Schedule are
reported on the modified accrual basis of accounting. 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. Negative amounts (if any) shown on the Schedule represent
adjustments or credits made in the normal course of business to amounts reported as expenditures in
prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City of Albion has
elected to not use the 10- percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying Schedule of expenditures of federal awards (the
“Schedule”) includes the federal award activity of under programs of the federal government for the
year ended December 31, 2023. The information in this Schedule is presented in accordance with the
requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the
Schedule presents only a selected portion of the operations, it is not intended to and does not present the
financial position or changes in net position.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported on the Schedule are
reported on the modified accrual basis of accounting. 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. Negative amounts (if any) shown on the Schedule represent
adjustments or credits made in the normal course of business to amounts reported as expenditures in
prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City of Albion has
elected to not use the 10- percent de minimis indirect cost rate allowed under the Uniform Guidance.
Expenditures reported on the Schedule are
reported on the modified accrual basis of accounting. 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. Negative amounts (if any) shown on the Schedule represent
adjustments or credits made in the normal course of business to amounts reported as expenditures in
prior years. Pass-through entity identifying numbers are presented where available. The City of Albion has
elected to not use the 10- percent de minimis indirect cost rate allowed under the Uniform Guidance.
Title: Reconciliation with Audited Financial Statements
Accounting Policies: Expenditures reported on the Schedule are
reported on the modified accrual basis of accounting. 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. Negative amounts (if any) shown on the Schedule represent
adjustments or credits made in the normal course of business to amounts reported as expenditures in
prior years. Pass-through entity identifying numbers are presented where available.
De Minimis Rate Used: N
Rate Explanation: The City of Albion has
elected to not use the 10- percent de minimis indirect cost rate allowed under the Uniform Guidance.
The following reconciles the federal
revenues reported in the December 31, 2023 basic financial statements to the expenditures of the City
administered federal programs reported on the Schedule of Expenditures of Federal Awards:
Federal/State
Revenue
Less State
Revenue
Federal Award
Expenditures
PRIMARY GOVERNMENT
GENERAL FUND
COVID-19 American Rescue Plan Act $ 208,138 $ - $ 208,138
Public Safety Partnership and Community Policing Grants 22,024 - 22,024
Other Programs 1 ,541,082 (1,541,082) -
TOTAL GENERAL FUND 1 ,771,244 (1,541,082) 230,162
MAJOR STREET FUND 939,311 (939,311) -
STREET IMPROVEMENT FUND
COVID-19 American Rescue Plan Act 160,870 - 160,870
Other Programs 56,288 (56,288) -
TOTAL STREET IMPROVEMENT FUND 217,158 (56,288) 160,870
NONMAJOR GOVERNMENTAL FUNDS
Maple Grove Apartments 261,724 - 261,724
Community Development Block Grant 111,524 - 111,524
Other Funds 541,084 (541,084) -
TOTAL NONMAJOR GOVERNMENTAL FUNDS 914,332 (541,084) 373,248
WATER FUND 240,519 (94,500) 146,019
SEWER FUND
Draws on Water and Waste Disposal Systems for Rural Communities - 514,885 514,885
TOTAL REPORTING ENTITY $ 4,082,564 $ (2,657,380) $ 1,425,184