Title: BASIS OF ACCOUNTING
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards for the year ended April 30, 2024 and 2023 is presented using the accrual basis of accounting. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. Revenue is recognized when it becomes measurable and available. Measurable means the amount can be determined. Available means collectable within the current period, or expected to be collected soon thereafter to pay liabilities of the current period. Such time thereafter normally shall not exceed 90 days. Also, under the accrual basis of accounting, expenditures are recorded when the related liability is incurred, except for bond principal and interest which are reported as expenditures in the year due.
De Minimis Rate Used: Y
Rate Explanation: SWCRD elects to use the 10% de minimus indirect cost rate
The accompanying Schedule of Expenditures of Federal Awards for the year ended April 30, 2024 and 2023 is presented using the accrual basis of accounting. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. Revenue is recognized when it becomes measurable and available. Measurable means the amount can be determined. Available means collectable within the current period, or expected to be collected soon thereafter to pay liabilities of the current period. Such time thereafter normally shall not exceed 90 days. Also, under the accrual basis of accounting, expenditures are recorded when the related liability is incurred, except for bond principal and interest which are reported as expenditures in the year due.
Title: RELATIONSHIP TO DISTRICT’S FINANCIAL STATEMENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards for the year ended April 30, 2024 and 2023 is presented using the accrual basis of accounting. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. Revenue is recognized when it becomes measurable and available. Measurable means the amount can be determined. Available means collectable within the current period, or expected to be collected soon thereafter to pay liabilities of the current period. Such time thereafter normally shall not exceed 90 days. Also, under the accrual basis of accounting, expenditures are recorded when the related liability is incurred, except for bond principal and interest which are reported as expenditures in the year due.
De Minimis Rate Used: Y
Rate Explanation: SWCRD elects to use the 10% de minimus indirect cost rate
All Federal Grants are reflected in the District’s financial statements with the majority of the funding flowing through the Illinois Environmental Protection Agency. The Capitalization Grant awarded to the States to create and maintain Clean Water State Revolving Funds enables states to encourage construction of wastewater treatment facilities to meet the enforceable requirements of the Clean Water Act, increase the emphasis on nonpoint source pollution control and protection of estuaries, and establish permanent financing institution in each State to provide continuing sources of financing to maintain water quality. The Illinois Environmental Protection Agency loaned the funds to the District for capital projects and the District will repay the funds to the Illinois Environmental Protection Agency.
Title: SUBRECIPIENTS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards for the year ended April 30, 2024 and 2023 is presented using the accrual basis of accounting. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. Revenue is recognized when it becomes measurable and available. Measurable means the amount can be determined. Available means collectable within the current period, or expected to be collected soon thereafter to pay liabilities of the current period. Such time thereafter normally shall not exceed 90 days. Also, under the accrual basis of accounting, expenditures are recorded when the related liability is incurred, except for bond principal and interest which are reported as expenditures in the year due.
De Minimis Rate Used: Y
Rate Explanation: SWCRD elects to use the 10% de minimus indirect cost rate
Of the federal expenditures presented in the Schedule of Expenditures of Federal Awards, no federal awards were provided to subrecipients.
Title: NON-CASH AWARDS
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards for the year ended April 30, 2024 and 2023 is presented using the accrual basis of accounting. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. Revenue is recognized when it becomes measurable and available. Measurable means the amount can be determined. Available means collectable within the current period, or expected to be collected soon thereafter to pay liabilities of the current period. Such time thereafter normally shall not exceed 90 days. Also, under the accrual basis of accounting, expenditures are recorded when the related liability is incurred, except for bond principal and interest which are reported as expenditures in the year due.
De Minimis Rate Used: Y
Rate Explanation: SWCRD elects to use the 10% de minimus indirect cost rate
The District received no non-cash awards during the fiscal year ended April 30, 2024
Title: CONTINGENCIES
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards for the year ended April 30, 2024 and 2023 is presented using the accrual basis of accounting. Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. Revenue is recognized when it becomes measurable and available. Measurable means the amount can be determined. Available means collectable within the current period, or expected to be collected soon thereafter to pay liabilities of the current period. Such time thereafter normally shall not exceed 90 days. Also, under the accrual basis of accounting, expenditures are recorded when the related liability is incurred, except for bond principal and interest which are reported as expenditures in the year due.
De Minimis Rate Used: Y
Rate Explanation: SWCRD elects to use the 10% de minimus indirect cost rate
The Sangamon County Water Reclamation District, Springfield, Illinois receives awards under federal grant programs which must be expended according to provisions established by the grant. Compliance with the grant provisions is subject to audit by the various granting agencies which may impose sanctions in the event of non-compliance. Management believes they have complied with all aspects of the grant provisions and they feel the results of any adjustments would have an immaterial impact on the financial statements taken as a whole.