Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts (if any)
shown on the Schedule represent adjustments or credits made in the normal course of business to amounts
reported as expenditures in prior years. Pass-through entity identifying numbers are presented where
available.
De Minimis Rate Used: N
Rate Explanation: The City of Albion has elected to not use the 10- percent de minimis indirect cost rate allowed under
the Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use the
15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after
October 1, 2024.
The accompanying Schedule of expenditures of federal awards (the “Schedule”) includes the federal award
activity of 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 (CFR) 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,
it is not intended to and does not present the financial position or changes in net position.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts (if any)
shown on the Schedule represent adjustments or credits made in the normal course of business to amounts
reported as expenditures in prior years. Pass-through entity identifying numbers are presented where
available.
De Minimis Rate Used: N
Rate Explanation: The City of Albion has elected to not use the 10- percent de minimis indirect cost rate allowed under
the Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use the
15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after
October 1, 2024.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts (if any)
shown on the Schedule represent adjustments or credits made in the normal course of business to amounts
reported as expenditures in prior years. Pass-through entity identifying numbers are presented where
available. The City of Albion has elected to not use the 10- percent de minimis indirect cost rate allowed under
the Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use the
15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after
October 1, 2024.
Title: RECONCILIATION WITH AUDITED FINANCIAL STATEMENTS
Accounting Policies: Expenditures reported on the Schedule are reported on the modified accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited as to reimbursement. Negative amounts (if any)
shown on the Schedule represent adjustments or credits made in the normal course of business to amounts
reported as expenditures in prior years. Pass-through entity identifying numbers are presented where
available.
De Minimis Rate Used: N
Rate Explanation: The City of Albion has elected to not use the 10- percent de minimis indirect cost rate allowed under
the Uniform Guidance for awards executed on or before September 30, 2024 and also has not elected to use the
15-percent de minimis indirect cost rate allowed under Uniform Guidance for awards executed on or after
October 1, 2024.
The following reconciles the federal revenues reported in the December 31, 2024 basic financial statements to
the expenditures of the City administered federal programs reported on the Schedule of Expenditures of
Federal Awards:
Federal/State
Revenue Reconciliation
Federal Award
Expenditures
PRIMARY GOVERNMENT
GENERAL FUND
COVID-19 American Rescue Plan Act $ 1,361,802 $ - $ 1,361,802
Assistance to Firefighters Grant (AFG) 475,609 - 475,609
Other Programs 2 ,244,874 (2,244,874) -
TOTAL GENERAL FUND 4 ,082,285 (2,244,874) 1 ,837,411
STREET IMPROVEMENT FUND
Other Programs 421,805 (421,805) -
NONMAJOR GOVERNMENTAL FUNDS
Maple Grove Apartments 228,198 - 228,198
Community Development Block Grant 295,780 - 295,780
Other Funds 1 ,810,715 (1,810,715) -
TOTAL NONMAJOR GOVERNMENTAL FUNDS 2 ,334,693 (1,810,715) 523,978
WATER FUND 1 ,365,945 - 1 ,365,945
SEWER FUND
Draws on Water and Waste Disposal Systems for Rural Communities - 3 ,852,443 3 ,852,443
COMPONENT UNITS
Economic Development Corporation 443,244 (35,222) 408,022
TOTAL REPORTING ENTITY $ 8,647,972 $ (660,173) $ 7,987,799