Audit 35523

Accounting Policies: General:The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the Village of Richton Park, Illinois (Village). The Villages reporting entity is defined in Note 1 to the Villages financial statements. Basis of Accounting:Expenditures reported on the Schedule are reported on the modified accrual basis of accounting, which is described in Note 1 to the Villages financial statements; this includes determining that the modified accrual basis of accounting is an acceptable basis for the preparation of the financial statements under the circumstances. Such expenditures are recognized following the cost principles contained in Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, 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.Basis of Presentation:The accompanying Schedule includes the federal award activity of the Village under programs of the federal government for the year ended April 30, 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, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Village.Cost Principles:The Village followed the cost principles as established by the Uniform Guidance. The Village has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.Subrecipients:Of the federal expenditures presented in the schedule, the Village did not provide any federal awards to subrecipients.Non-Cash Assistance:The Village had no non-cash assistance during the year.Federal Insurance:The Village had no Federal insurance in force during the year. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate.