Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATION
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 the Uniform Guidance and the State Single Audit Guidelines issued by the
Wisconsin Department of Administration, 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 Title 2 U.S. Code of Federal Regulations 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 District, it is not intended to and does not present
the financial position or changes in net position of the District.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 minimus indirect cost rate.