Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the Agency’s 2023 basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal and state program expenditures scheduled for reimbursement to the Agency in the succeeding year while unearned revenue represents advances for federal and state programs that exceed recorded Agency expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The accompanying schedules of expenditures of federal and state awards for the Cooperative Education Service Agency No. 8 are 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 issued by the Wisconsin Department of Administration.
The schedules of expenditures of federal and state awards include all federal and state awards of the Agency. Because the schedules present 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.
Title: OVERSIGHT AGENCIES
Accounting Policies: Revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the Agency’s 2023 basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal and state program expenditures scheduled for reimbursement to the Agency in the succeeding year while unearned revenue represents advances for federal and state programs that exceed recorded Agency expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The federal and state oversight agencies for the Agency are as follows:
Federal – U.S. Department of Education
State – Wisconsin Department of Public Instruction
Title: PASS-THROUGH ENTITIES
Accounting Policies: Revenues and expenditures in the schedules are presented in accordance with the accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the Agency’s 2023 basic financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal and state program expenditures scheduled for reimbursement to the Agency in the succeeding year while unearned revenue represents advances for federal and state programs that exceed recorded Agency expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: N
Rate Explanation: The Agency has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.
Federal awards have been passed through the following entities:
WI DPI – Wisconsin Department of Public Instruction
WI DHS - Wisconsin Department of Health Services