Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards (the Schedule) includes the
federal award activity of the City of Bloomer, Wisconsin (the City) under programs of the
federal government for the year ended December 31, 2023. The information in this
Schedule is presented in accordance with the requirements of 2 CFR Part 200, Uniform
Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards
(Uniform Guidance). Because the Schedule presents only a selected portion of the
operations of the City, it is not intended to and does not present the financial position,
changes in net position, or cash flows of the City.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on 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.
De Minimis Rate Used: N
Rate Explanation: The City has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.