Audit 358770

Title: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Accounting Policies: The accompanying “Schedules of Expenditures of Federal and State Awards” includes the federal and state grant activity of the Southeastern Wisconsin Regional Planning Commission (the “Commission”) and is presented in accordance with 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 Wisconsin State Single Audit Guidelines. Therefore, some amounts presented in these schedules may differ from amounts presented in, or used in the preparation of the financial statements. Because this Schedule presents 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 assets, or cash flows of the Commission. De Minimis Rate Used: N Rate Explanation: The Commission has elected to not use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the Wisconsin State Single Audit Guidelines. Expenditures reported on the Schedules are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement.