Title: Subrecipients
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards for the year ended April 30, 2025 and 2024 is presented using the modified accrual basis of accounting.
Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. The County maintains its accounting records for all funds on the modified accrual basis of accounting. Accordingly, revenue is recognized when it becomes measurable and available. Measurable means the amount can be determined. Available means collectable within the current period, or expected to be collected soon thereafter to pay liabilities of the current period. Such time thereafter normally shall not exceed 90 days. Also, under the modified accrual basis of accounting, expenditures are recorded when the related fund liability is incurred, except for general obligation bond principal and interest which are reported as expenditures in the year due.
De Minimis Rate Used: Y
Rate Explanation: The Sangamon County Water Reclamation District elects to use the de minimus cost rate.
Of the federal expenditures presented in the Schedule of Expenditures of Federal Awards, no federal awards were provided to subrecipients.
Title: Non-Cash Award
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards for the year ended April 30, 2025 and 2024 is presented using the modified accrual basis of accounting.
Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. The County maintains its accounting records for all funds on the modified accrual basis of accounting. Accordingly, revenue is recognized when it becomes measurable and available. Measurable means the amount can be determined. Available means collectable within the current period, or expected to be collected soon thereafter to pay liabilities of the current period. Such time thereafter normally shall not exceed 90 days. Also, under the modified accrual basis of accounting, expenditures are recorded when the related fund liability is incurred, except for general obligation bond principal and interest which are reported as expenditures in the year due.
De Minimis Rate Used: Y
Rate Explanation: The Sangamon County Water Reclamation District elects to use the de minimus cost rate.
The District received no non-cash awards during the fiscal year ended April 30, 2025.
Title: Contingencies
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards for the year ended April 30, 2025 and 2024 is presented using the modified accrual basis of accounting.
Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. The County maintains its accounting records for all funds on the modified accrual basis of accounting. Accordingly, revenue is recognized when it becomes measurable and available. Measurable means the amount can be determined. Available means collectable within the current period, or expected to be collected soon thereafter to pay liabilities of the current period. Such time thereafter normally shall not exceed 90 days. Also, under the modified accrual basis of accounting, expenditures are recorded when the related fund liability is incurred, except for general obligation bond principal and interest which are reported as expenditures in the year due.
De Minimis Rate Used: Y
Rate Explanation: The Sangamon County Water Reclamation District elects to use the de minimus cost rate.
The Sangamon County Water Reclamation District, Springfield, Illinois receives awards under federal grant programs which must be expended according to provisions established by the grant. Compliance with the grant provisions is subject to audit by the various granting agencies which may impose sanctions in the event of non-compliance. Management believes they have complied with all aspects of the grant provisions and they feel the results of any adjustments would have an immaterial impact on the financial statements taken as a whole.
Title: Risk Management
Accounting Policies: The accompanying Schedule of Expenditures of Federal Awards for the year ended April 30, 2025 and 2024 is presented using the modified accrual basis of accounting.
Basis of accounting refers to when revenues received and expenditures disbursed are recognized in the accounts and how they are reported on the financial statements. The County maintains its accounting records for all funds on the modified accrual basis of accounting. Accordingly, revenue is recognized when it becomes measurable and available. Measurable means the amount can be determined. Available means collectable within the current period, or expected to be collected soon thereafter to pay liabilities of the current period. Such time thereafter normally shall not exceed 90 days. Also, under the modified accrual basis of accounting, expenditures are recorded when the related fund liability is incurred, except for general obligation bond principal and interest which are reported as expenditures in the year due.
De Minimis Rate Used: Y
Rate Explanation: The Sangamon County Water Reclamation District elects to use the de minimus cost rate.
The District carries a broad range of insurance coverage including business auto liability, general liability, workers compensation and umbrella policy. During the year ended April 30, 2025, there were no significant reductions in coverage. Also, there have been no settlement amounts which have exceeded insurance coverage in the past three years.