Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Expenditures in the schedules are presented in accordance with the modified accrual basis of accounting and are
generally in agreement with expenditures reported in the Village’s 2024 fund financial statements. Accounts
receivable at year-end consists of federal and state program expenditures scheduled for reimbursement to the
Village in the succeeding year while unearned revenue represents advances for federal and state programs that
exceed recorded Village expenditures. Because of subsequent program adjustments, these amounts may differ
from the prior year’s ending balances. Expenditures are recognized following the cost principles contained in the
Uniform Guidance and Wisconsin State Single Audit Guidelines, 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 awards for the Village 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 awards and state awards include all federal and state awards of the
Village. 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.
Title: Significant Accounting Policies
Accounting Policies: Expenditures in the schedules are presented in accordance with the modified accrual basis of accounting and are
generally in agreement with expenditures reported in the Village’s 2024 fund financial statements. Accounts
receivable at year-end consists of federal and state program expenditures scheduled for reimbursement to the
Village in the succeeding year while unearned revenue represents advances for federal and state programs that
exceed recorded Village expenditures. Because of subsequent program adjustments, these amounts may differ
from the prior year’s ending balances. Expenditures are recognized following the cost principles contained in the
Uniform Guidance and Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: n/a
Expenditures in the schedules are presented in accordance with the modified accrual basis of accounting and are
generally in agreement with expenditures reported in the Village’s 2024 fund financial statements. Accounts
receivable at year-end consists of federal and state program expenditures scheduled for reimbursement to the
Village in the succeeding year while unearned revenue represents advances for federal and state programs that
exceed recorded Village expenditures. Because of subsequent program adjustments, these amounts may differ
from the prior year’s ending balances. Expenditures are recognized following the cost principles contained in the
Uniform Guidance and Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
The Village has not elected to charge a de minimis indirect cost rate of 10% of modified total costs.
Title: Oversight Agencies
Accounting Policies: Expenditures in the schedules are presented in accordance with the modified accrual basis of accounting and are
generally in agreement with expenditures reported in the Village’s 2024 fund financial statements. Accounts
receivable at year-end consists of federal and state program expenditures scheduled for reimbursement to the
Village in the succeeding year while unearned revenue represents advances for federal and state programs that
exceed recorded Village expenditures. Because of subsequent program adjustments, these amounts may differ
from the prior year’s ending balances. Expenditures are recognized following the cost principles contained in the
Uniform Guidance and Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not
allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: n/a
The Village’s federal oversight agency is the Department of Agriculture.