Notes to SEFA
Accounting Policies: NOTE 1 GENERAL
The accompanying schedules of expenditures of federal awards and state financial
assistance present the expenditures of all federal financial assistance programs and state
financial assistance of the District subject to inclusion under the federal and state single
audit requirements. Such expenditures are recognized following the cost principles
contained in Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance) and the Wisconsin State Single Audit Guidelines, wherein certain types
of expenditures are not allowable or are limited as to reimbursement. The reporting entity is
defined in Note 1 to the financial statements.
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.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis indirect cost rate.