Notes to SEFA
Accounting Policies: NOTE 1 GENERAL
The accompanying schedules of expenditures of federal awards and state financial
assistance (the Schedules) include the federal and state award activity of the School District
of Mondovi under programs of the federal and state governments for the year ended
June 30, 2023. The information in these Schedules is presented in accordance with the
requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and
Audit Requirements for Federal Awards (Uniform Guidance) and the Wisconsin State Single
Audit Guidelines. Because the Schedules present only a selected portion of the operations
of the School District of Mondovi, they are not intended to and do not present the financial
position, changes in net position, or cash flows of the School District of Mondovi.
NOTE 2 BASIS OF ACCOUNTING
The accompanying schedules of expenditures of federal awards and state financial
assistance are presented using the modified accrual basis of accounting, which is described
in Note 1 to the District’s financial statements. Such expenditures are recognized following
the cost principles contained in the Uniform Guidance and State Single Audit Guidelines,
wherein certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.