Notes to SEFA
Title: NOTE 1BASIS OF PRESENTATION
Accounting Policies: NOTE 2SIGNIFICANT ACCOUNTING POLICIES Revenues and expenditures in the schedules are presented in accordance with the full accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the Commissions 2022 financial statements. Accrued revenue at year-end consists of federal and state program expenditures scheduled for reimbursement to the Commission in the succeeding year while unearned revenue represents advances for federal and state programs that exceed recorded Commission expenditures. Because of subsequent program adjustments, these amounts may differ from the prior years ending balances.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The accompanying schedules of expenditures of federal and state awards for the Commission are presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations 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. The schedules of expenditures of federal and state awards include all federal and state awards of the Commission. Because the schedules present only a selected portion of the operations of the Commission, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Commission.
Title: NOTE 3OVERSIGHT AGENCIES
Accounting Policies: NOTE 2SIGNIFICANT ACCOUNTING POLICIES Revenues and expenditures in the schedules are presented in accordance with the full accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the Commissions 2022 financial statements. Accrued revenue at year-end consists of federal and state program expenditures scheduled for reimbursement to the Commission in the succeeding year while unearned revenue represents advances for federal and state programs that exceed recorded Commission expenditures. Because of subsequent program adjustments, these amounts may differ from the prior years ending balances.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.
The federal and state oversight agencies for the Commission are as follows: Federal U.S. Department of Commerce State Wisconsin Department of Transportation