Notes to SEFA
Title: Basis of Presentations
Accounting Policies: See "Form" tab
De Minimis Rate Used: N
Rate Explanation: See "Form" tab
The accompanying schedule of expenditures of federal awards includes the federal award activity of the Village of Grantsburg under programs of the federal government for the year ended December 31, 2024. The information in this Schedule is 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 of Federal Awards (Uniform Guidance). Because the schedule presents only a selected portion of the operations of the Village of Grantsburg, it is not intended to and does not present the financial position, changes in net position, or cash flows of the Village of Grantsburg.
Title: Summary of Significant Accounting Policies
Accounting Policies: See "Form" tab
De Minimis Rate Used: N
Rate Explanation: See "Form" tab
Expenditures reported on the schedule are reported in accordance with accounting principles generally accepted in the United States of America. 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. Negative amounts shown on the schedule represent deferred revenue, recognized adjustments, or credits made in the normal course of business to amounts reported as expenditures in prior years.
Title: Indirect Cost Rate
Accounting Policies: See "Form" tab
De Minimis Rate Used: N
Rate Explanation: See "Form" tab
Village of Grantsburg has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.