Notes to SEFA
Accounting Policies: 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 of Wisconsin Single Audit Guidelines,
which in 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 2 CFR 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 minimis indirect cost rate.