Notes to SEFA
Accounting Policies: Chippewa County is governed by a board of supervisors consisting of 15 elected members.The financial reporting entity for the County is based upon criteria set forth in generally accepted accounting principles (GAAP) as applied to governmental units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The financial reporting entity is defined by GASB to consist of (a) the primary government, (b) organizations for which the primary government is financially accountable, and (c) other organizations for which the nature and significance of their relationship with the primary government are such that exclusion would cause the reporting entitys financial statements to be misleading or incomplete.The basic financial statements of the County consist solely of the primary government. No other organizations were identified for inclusion in the financial reporting entity of the County.The schedules of expenditures of federal awards and state financial assistance have been presented on a basis to reflect the flow of available funds in the individual programs as follows:Expenditures Expenditures are presented on the modified accrual basis of accounting. Grant expenditures represent the amount of program funds expended during the year.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.