Notes to SEFA
Accounting Policies: NOTE 1 GENERALThe accompanying schedules of expenditures of federal awards and state financialassistance present the expenditures of all federal financial assistance programs and statefinancial assistance of the Agency subject to inclusion under the federal and state singleaudit requirements. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance and the State of Wisconsin Single Audit Guide, whereincertain types of expenditures are not allowable or are limited as to reimbursement. Thereporting entity is defined in Note 1 to the financial statements. The information in thisSchedule is presented in accordance with the requirements of 2 CFR Part 200, UniformAdministrative Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance) and the State Single Audit Guidelines. Because the Schedule presentsonly a selected portion of the operations of the Agency, it is not intended to and does notpresent the financial position, changes in net position, or cash flows of the Agency.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe accompanying schedules of expenditures of federal awards and state financialassistance are presented using the accrual basis of accounting, which is described in Note 1to the Agencys financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.