Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures reported in the schedules are reported on the modified accrual basis of accounting. Such expenditures
are recognized following the cost principles 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: n/a
The accompanying schedules of expenditures of federal awards and state financial assistance include the federal and
state grant activity of the Hurley School District under programs of the federal and state governments for the year
ended June 30, 2024. The information in these schedules is presented in accordance with the requirements of Title 2
U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principals and Audit
Requirements for Federal Awards (Uniform Guidance) and the State Single Audit Guidelines and the Wisconsin
Department of Instruction in the Wisconsin School District Audit Manual. Because the schedules present only a select
portion of operations of the District, they are not intended to, and do not, present the financial position and change in
net position of the District.
Title: Summary of Significant Accounting Policies
Accounting Policies: Expenditures reported in the schedules are reported on the modified accrual basis of accounting. Such expenditures
are recognized following the cost principles 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: n/a
Expenditures reported in the schedules are reported on the modified accrual basis of accounting. Such expenditures
are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
The Hurley School District has not elected to use the 10-percent de minimis indirect cost rate as allowed under the
Uniform Guidance.
Title: Special Education and School Age Parents Program
Accounting Policies: Expenditures reported in the schedules are reported on the modified accrual basis of accounting. Such expenditures
are recognized following the cost principles 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: n/a
2023 – 2024 eligible costs under the State Special Education Program are $583,793.
Title: Oversight Agencies
Accounting Policies: Expenditures reported in the schedules are reported on the modified accrual basis of accounting. Such expenditures
are recognized following the cost principles 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: n/a
The District’s federal oversight agency is the U.S. Department of Education. The District’s state cognizant agency is
the Wisconsin Department of Public Instruction.