Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards and schedule of
expenditures of state financial assistance (the “Schedules”) include the federal and state
award activity of the Village of Ontario (the Village) under programs of the federal and state
governments for the year ended December 31, 2023. The information in these Schedules 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 issued by the Wisconsin Department of
Administration. Because the Schedules present only a selected portion of the operations of
the Village, they are not intended to and do not present the financial position, changes in net
position, or cash flows of the Village.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedules 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 Village has elected not to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance.