Title: Note 1 - Basis of Presentation
Accounting Policies: Expenditures
Expenditures reported on the Schedule are reported on the modified accrual and accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance, OMB Circular
A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for
Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to
reimbursement.
Indirect Cost Rate
Charter Township of Independence has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Charter Township of Independence has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity
of Charter Township of Independence under programs of the federal government for the year ended December
31, 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 Charter Township of Independence, it is not intended to and does not present the financial position,
changes in net assets, or cash flows of Charter Township of Independence.
Title: Note 2 - Summary of Significant Accounting Policies
Accounting Policies: Expenditures
Expenditures reported on the Schedule are reported on the modified accrual and accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance, OMB Circular
A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for
Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to
reimbursement.
Indirect Cost Rate
Charter Township of Independence has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Charter Township of Independence has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Expenditures
Expenditures reported on the Schedule are reported on the modified accrual and accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance, OMB Circular
A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for
Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to
reimbursement.
Indirect Cost Rate
Charter Township of Independence has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Title: Note 3 - Subrecipients
Accounting Policies: Expenditures
Expenditures reported on the Schedule are reported on the modified accrual and accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance, OMB Circular
A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for
Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to
reimbursement.
Indirect Cost Rate
Charter Township of Independence has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Charter Township of Independence has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
No amounts were provided to subrecipients.
Title: Note 4 - Reconciliation to the Financial Statements
Accounting Policies: Expenditures
Expenditures reported on the Schedule are reported on the modified accrual and accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance, OMB Circular
A-87 Cost Principles for State, Local and Indian Tribal Governments, or OMB Circular A-122 Cost Principles for
Non-Profit Organizations where certain types of expenditures are not allowable or are limited as to
reimbursement.
Indirect Cost Rate
Charter Township of Independence has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
De Minimis Rate Used: N
Rate Explanation: Charter Township of Independence has elected not to use the 10 percent de minimis indirect cost rate as allowed
under the Uniform Guidance.
Federal revenue per the governmental funds $ 1,067,831
Federal share of SRF grants recorded as debt 4,604,609
Federal grant revenue included in capital contributions of
proprietary funds 866,730
Federal grant revenue per audited financial statements 6,539,170
Grant revenue not included on SEFA but grouped with federal
grants on the financial statements (25,768)
Excess of expenditures over revenue 126,323
SRF related to prior year (409,038)
Expenditures of federal awards per SEFA $ 6,230,687