Audit 9167

Title: Significant Accounting Policies Accounting Policies: General: The accompanying Schedule of Expenditures of Federal Awards presents the activity of Federal Emergency Assistance program of Waukegan Township. Basis of Accounting: The accompanying Schedule of Expenditures of Federal Awards is presented using the cash basis of accounting. Such expenditures are recongnixed when cash is paid not when the expense is incurred, and follow cost principles contained in the Uniform Guidance. Relationship to Basic Financial Statements: Federal awards received are reflected in the Township's financial statements within the General Fund as receipts from federal sources. Relationship to Program Financial Reports: Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts reported in the Program Financial Reports for programs which have filed final reports as of February 28, 2023, with the Illinois State Comptroller's Office. De Minimis Rate Used: N Rate Explanation: None General: The accompanying Schedule of Expenditures of Federal Awards presents the activity of Federal Emergency Assistance program of Waukegan Township. Basis of Accounting: The accompanying Schedule of Expenditures of Federal Awards is presented using the cash basis of accounting. Such expenditures are recongnixed when cash is paid not when the expense is incurred, and follow cost principles contained in the Uniform Guidance. Relationship to Basic Financial Statements: Federal awards received are reflected in the Township's financial statements within the General Fund as receipts from federal sources. Relationship to Program Financial Reports: Amounts reported in the accompanying Schedule of Expenditures of Federal Awards agree with amounts reported in the Program Financial Reports for programs which have filed final reports as of February 28, 2023, with the Illinois State Comptroller's Office.