Audit 363662

Title: Basis of Presentation Accounting Policies: Expenditures reported on the Schedule are reported on the accrual or 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. Pass-through entity identifying numbers are presented where available. The underlying accounting records for some grant programs are maintained on the modified accrual basis of accounting. Under the modified accrual basis, revenues are recorded when susceptible to accrual, i.e., both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures are recorded when the liability is incurred. The accounting records for other grant programs are maintained on the accrual basis, i.e., when the revenue has been earned and the liability is incurred. De Minimis Rate Used: N Rate Explanation: The District has not elected to use the 10% de minimus indirect cost rate. The accompanying schedule of expenditures of federal awards (the Schedule) includes the federal award activity of the Forest Preserve District of Cook County (the District) 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 the District, it is not intended to and does not present the financial position, changes in net position or cash flows of the District. The reporting entity for the District is based upon criteria established by the Governmental Accounting Standards Board. The District is the primary government according to GASB criteria, while the Chicago Horticultural Society and Chicago Zoological Society are discretely presented component units. Federal awards received directly by the discretely presented component units are not included in this report since the component units has been audited by other auditors for their grants and those amounts are reported in separate reports.