Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the Schedules are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costs principles contained tin the Uniform Guidance and, as applicable, the cost principles contained in the Wisconsin State Single Audit Guideline, wherein 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 prior years.
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the de minimis cost rate.
The accompanying schedules of expenditures of federal awards and state financial assistance include the federal and state grant activity of the Silver Lake Joint School District #1 and are presented on the modified accrual basis of accounting. The information in these schedules 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 of Federal Awards (Uniform Guidance), and state Single Audit Guidelines. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of, the basic financial statements.
Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Policies: Expenditures reported on the Schedules are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costs principles contained tin the Uniform Guidance and, as applicable, the cost principles contained in the Wisconsin State Single Audit Guideline, wherein 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 prior years.
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the de minimis cost rate.
Expenditures reported on the Schedules are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costs principles contained tin the Uniform Guidance and, as applicable, the cost principles contained in the Wisconsin State Single Audit Guideline, wherein 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 prior years.
Title: SPECIAL EDUCATON AND SCHOOL AGE PARENTS PROGRAM
Accounting Policies: Expenditures reported on the Schedules are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costs principles contained tin the Uniform Guidance and, as applicable, the cost principles contained in the Wisconsin State Single Audit Guideline, wherein 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 prior years.
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the de minimis cost rate.
The 2022-2023 eligible costs under the state special education program are $4,154,798.
Title: FOOD DISTRIBUTION
Accounting Policies: Expenditures reported on the Schedules are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costs principles contained tin the Uniform Guidance and, as applicable, the cost principles contained in the Wisconsin State Single Audit Guideline, wherein 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 prior years.
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the de minimis cost rate.
Nonmonetary assistance is reported in the schedule at the fair market value of the commodities received and disbursed. For the year ended June 30, 2023, the District had received $67,906 in donated commodities.
Title: INDIRECT COST RATE
Accounting Policies: Expenditures reported on the Schedules are reported on the modified accrual basis of accounting. Such expenditures are recognized following the costs principles contained tin the Uniform Guidance and, as applicable, the cost principles contained in the Wisconsin State Single Audit Guideline, wherein 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 prior years.
De Minimis Rate Used: N
Rate Explanation: Auditee did not use the de minimis cost rate.
The District has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.