Title: SUBRECIPIENTS
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the City of Waterloo, Illinois (the City) under programs of the federal government for the year ended April 30, 2024. 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 City, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City. Basis of Accounting: Federal Awards reported on the Schedule are reported on the accrual basis of accounting. The schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized as incurred.
Federal awards passed through other governmental agencies are included on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. The City has not used the 10% de minimis cost rate as allowed under the Uniform Guidance. The City does not charge any indirect costs through its federal awards.
The City did not have any subrecipients during the year ended April 30, 2024.
Title: NONMONETARY ASSISTANCE
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the City of Waterloo, Illinois (the City) under programs of the federal government for the year ended April 30, 2024. 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 City, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City. Basis of Accounting: Federal Awards reported on the Schedule are reported on the accrual basis of accounting. The schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized as incurred.
Federal awards passed through other governmental agencies are included on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. The City has not used the 10% de minimis cost rate as allowed under the Uniform Guidance. The City does not charge any indirect costs through its federal awards.
The City did not receive any nonmonetary assistance from federal programs during the year ended April 30, 2024.
Title: FEDERAL INSURANCE
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the City of Waterloo, Illinois (the City) under programs of the federal government for the year ended April 30, 2024. 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 City, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City. Basis of Accounting: Federal Awards reported on the Schedule are reported on the accrual basis of accounting. The schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized as incurred.
Federal awards passed through other governmental agencies are included on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. The City has not used the 10% de minimis cost rate as allowed under the Uniform Guidance. The City does not charge any indirect costs through its federal awards.
The City had no federal insurance as it relates to federal programs in effect for the year ended April 30, 2024.
Title: LOANS AND LOAN GUARANTEES
Accounting Policies: Basis of Presentation: The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal grant activity of the City of Waterloo, Illinois (the City) under programs of the federal government for the year ended April 30, 2024. 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 City, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the City. Basis of Accounting: Federal Awards reported on the Schedule are reported on the accrual basis of accounting. The schedule reflects the accrual basis of accounting in which revenues are recognized when earned and expenditures are recognized as incurred.
Federal awards passed through other governmental agencies are included on the Schedule.
De Minimis Rate Used: N
Rate Explanation: The Uniform Guidance requires that all indirect costs be charged through the use of an approved indirect cost rate. When no indirect cost rate has been approved, the Uniform Guidance allows for a one-time election to use a 10% de minimis reimbursement rate. The City has not used the 10% de minimis cost rate as allowed under the Uniform Guidance. The City does not charge any indirect costs through its federal awards.
The City had no outstanding loans related to federal programs as of April 30, 2024. While the Illinois Environmental Protection Agency Loan for the Water Treatment Plant is considered a loan with regards to the overall financial position of the City, Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) provides guidance on subrecipient reporting requirements at the City’s level. In determining the amount of federal funds expended to be reported on the SEFA, subrecipients receiving DWSRF loans should include project expenditures incurred under these loans during the audit period as provided in 2 CFR section 200.502(a). These are subawards – not direct federal loans – and, therefore, neither 2 CFR sections 200.502(b) nor (d) apply when calculating the amount of federal funds expended. It also is important to appropriately identify these DWSRF loans as subawards because of the impact on which federal agency is the cognizant or oversight agency. Per these guidelines, the Loan is considered a subaward when reported on the Schedule of Expenditures of Federal Awards.