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 Agency subject to inclusion under the federal and state single
audit requirements. Such expenditures are recognized following the cost principles
contained in the Uniform Guidance and the State of Wisconsin Single Audit Guide, 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. The information in this
Schedule 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 State Single Audit Guidelines. Because the Schedule presents
only a selected portion of the operations of the Agency, it is not intended to and does not
present the financial position, changes in net position, or cash flows of the Agency.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying schedules of expenditures of federal awards and state financial
assistance are presented using the accrual basis of accounting, which is described in Note 1
to the Agency’s financial statements.
De Minimis Rate Used: N
Rate Explanation: The Agency has not elected to use the 10% de minimus indirect cost rate