Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform
Guidance and the Wisconsin State Single Audit Guidelines for all awards. Under these
principles, certain types of expenditures are not allowable or are limited as to
reimbursement. Negative amounts shown on the Schedule represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in the prior
years.
De Minimis Rate Used: N
Rate Explanation: Carthage College has not elected to charge a de minimis indirect cost rate of 10% of
modified total direct costs.
The accompanying Schedule of Expenditures of Federal Awards and Schedule of State
Awards for Carthage College are presented in accordance with the requirements of Uniform
Guidance, Audits of States, Local Governments, and Non-Profit Organizations and the
Wisconsin State Single Audit Guidelines issued by the Wisconsin Department of
Administration.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform
Guidance and the Wisconsin State Single Audit Guidelines for all awards. Under these
principles, certain types of expenditures are not allowable or are limited as to
reimbursement. Negative amounts shown on the Schedule represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in the prior
years.
De Minimis Rate Used: N
Rate Explanation: Carthage College has not elected to charge a de minimis indirect cost rate of 10% of
modified total direct costs.
Expenditures reported on the Schedule are reported on the accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform
Guidance and the Wisconsin State Single Audit Guidelines for all awards. Under these
principles, certain types of expenditures are not allowable or are limited as to
reimbursement. Negative amounts shown on the Schedule represent adjustments or credits
made in the normal course of business to amounts reported as expenditures in the prior
years.
Carthage College has not elected to charge a de minimis indirect cost rate of 10% of
modified total direct costs.