Audit 318050

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the accrual or 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 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 underlying accounting records for some grant programs are maintained on the modified accrual basis of accounting. Under the modified accrual basis, revenues are recorded when susceptible to accrual, i.e., both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the liability is incurred. The accounting records for other grant programs are maintained on the accrual basis, i.e., when the revenue has been earned and the liability is incurred. De Minimis Rate Used: N Rate Explanation: The Village of Oak Lawn has not elected to use the 10% de minimis indirect cost rate. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Village of Oak Lawn under programs of the federal government for the year ended December 31, 2022. The information in this Schedule is presented in accordance with the 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). Because the Schedule presents only a selected portion of the operations of the Village of Oak Lawn, it is not intended to and does not present the financial position, changes in net position or cash flows of the Village of Oak Lawn. The reporting entity for the Village of Oak Lawn is based upon criteria established by the Governmental Accounting Standards Board. The Village of Oak Lawn is the primary government according to GASB criteria, while the Oak Lawn Public Library is a discretely presented component unit. Federal awards received directly by the Oak Lawn Public Library are not included in this report since the Oak Lawn Public Library has been audited by other auditors and is not required to be audited in accordance with the Uniform Guidance.