Audit 11296

Accounting Policies: REPORTING ENTITY The schedule of expenditures of federal awards presents the federal award programs expended by the Wild Rice Watershed District (the District). The District’s reporting entity is defined in Note 1 to the financial statements. BASIS OF PRESENTATION The accompanying schedule of expenditures of federal awards includes the federal grant activity of the District under programs of the federal government for the year ended December 31, 2022. 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 County, it is not intended to and does not present the financial position or changes in cash fund balance of the District. De Minimis Rate Used: N Rate Explanation: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Expenditures reported on the schedule are reported on the cash basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Under the Uniform Guidance, certain types of expenditures are not allowable or are limited as to reimbursement. The District has elected to not use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.