Notes to SEFA
Accounting Policies: Revenues and expenditures in the schedules are presented in accordance with the modified accrual basis ofaccounting and are generally in agreement with the revenues and expenditures reported in the fund financialstatements. Expenditures are recognized following the cost principles contained in the Uniform Guidance andWisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited forreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.