Audit 357567

Title: Summary of Significant Accounting Policies Accounting Policies: General The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the City of Lockport, Illinois (“City”). The City’s reporting entity is defined in Note 1 to the City’s financial statements. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards 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). Basis of Accounting The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the City’s financial statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance. Non-Cash and Federal Insurance The City did not receive non-cash assistance or have Federal insurance in effect during the fiscal year. De Minimis Rate Used: Y Rate Explanation: The City has elected to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance. General The accompanying Schedule of Expenditures of Federal Awards presents the activity of all federal award programs of the City of Lockport, Illinois (“City”). The City’s reporting entity is defined in Note 1 to the City’s financial statements. Basis of Presentation The accompanying Schedule of Expenditures of Federal Awards 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). Basis of Accounting The accompanying Schedule of Expenditures of Federal Awards is presented using the accrual basis of accounting, which is described in Note 1 to the City’s financial statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance. Non-Cash and Federal Insurance The City did not receive non-cash assistance or have Federal insurance in effect during the fiscal year. Indirect Costs The City has elected to use the 10% de minimis indirect costs rate as allowed under the Uniform Guidance.