Title: NOTE 2
Accounting Policies: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Town of Iron River, Bayfield County, Wisconsin under programs of the federal government for the year ended December 31, 2021. 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 portion of the operations of Town of Iron River, Bayfield County, Wisconsin, it is not intended to and does not present the financial position or changes in net position of Town of Iron River, Bayfield County, Wisconsin.
De Minimis Rate Used: N
Rate Explanation: Town of Iron River, Bayfield County, Wisconsin has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
The expenditures reported in the Schedule are reported on the modified accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement.
Title: NOTE 4
Accounting Policies: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Town of Iron River, Bayfield County, Wisconsin under programs of the federal government for the year ended December 31, 2021. 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 portion of the operations of Town of Iron River, Bayfield County, Wisconsin, it is not intended to and does not present the financial position or changes in net position of Town of Iron River, Bayfield County, Wisconsin.
De Minimis Rate Used: N
Rate Explanation: Town of Iron River, Bayfield County, Wisconsin has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Major federal financial assistance programs – The major federal program is listed in the Schedule of Findings and Questioned Costs. Additional information for each category follows:
Title: NOTE 4
Accounting Policies: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Town of Iron River, Bayfield County, Wisconsin under programs of the federal government for the year ended December 31, 2021. 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 portion of the operations of Town of Iron River, Bayfield County, Wisconsin, it is not intended to and does not present the financial position or changes in net position of Town of Iron River, Bayfield County, Wisconsin.
De Minimis Rate Used: N
Rate Explanation: Town of Iron River, Bayfield County, Wisconsin has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Federal programs – Town of Iron River, Bayfield County, Wisconsin does not qualify as a low risk auditee in accordance with the Uniform Guidance. Major programs, which must exceed 40% of the total federal awards expended, were selected using a risk-based approach based on auditors’ risk assessments. All other federal programs are considered non-major programs.
Title: NOTE 5
Accounting Policies: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Town of Iron River, Bayfield County, Wisconsin under programs of the federal government for the year ended December 31, 2021. 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 portion of the operations of Town of Iron River, Bayfield County, Wisconsin, it is not intended to and does not present the financial position or changes in net position of Town of Iron River, Bayfield County, Wisconsin.
De Minimis Rate Used: N
Rate Explanation: Town of Iron River, Bayfield County, Wisconsin has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
Oversight Agencies – The federal oversight agency for the Town of Iron River, Bayfield County, Wisconsin is the U.S. Department of Housing and Urban Development.
Title: NOTE 6
Accounting Policies: Basis of Presentation – The accompanying Schedule of Expenditures of Federal Awards includes the federal grant activity of Town of Iron River, Bayfield County, Wisconsin under programs of the federal government for the year ended December 31, 2021. 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 portion of the operations of Town of Iron River, Bayfield County, Wisconsin, it is not intended to and does not present the financial position or changes in net position of Town of Iron River, Bayfield County, Wisconsin.
De Minimis Rate Used: N
Rate Explanation: Town of Iron River, Bayfield County, Wisconsin has not elected to use the 10 percent de minimis indirect cost rate as allowed under the Uniform Guidance.
A schedule reconciling the expenditures per the accompanying Schedule of Expenditures of Federal Awards to the governmental funds modified cash basis financial statements follows: