Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Revenues and expenditures in the Schedules are presented in accordance with the modified accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the City’s 2024 fund financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal program expenditures scheduled for reimbursement to the City in the succeeding year while unearned revenue represents advances for federal programs that exceed recorded City expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to charge a de minimis rate of 10% of modified total costs.
The accompanying schedules of expenditures of federal and state awards (the Schedules) for the City 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).
The Schedules include expenditures of federal awards of the City. Because the Schedules present only a selected portion of the operations of the City, it is not intended to and does not present the financial position, changes in net position, or cash flows of the City.
Title: OVERSIGHT AGENCIES
Accounting Policies: Revenues and expenditures in the Schedules are presented in accordance with the modified accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the City’s 2024 fund financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal program expenditures scheduled for reimbursement to the City in the succeeding year while unearned revenue represents advances for federal programs that exceed recorded City expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to charge a de minimis rate of 10% of modified total costs.
The federal and state oversight agencies for the City are as follows:
Federal – U.S. Department of Housing and Urban Development
Title: PASS THROUGH ENTITIES
Accounting Policies: Revenues and expenditures in the Schedules are presented in accordance with the modified accrual basis of accounting and are generally in agreement with revenues and expenditures reported in the City’s 2024 fund financial statements. Such expenditures are recognized following the cost principles contained in the Uniform Guidance. Under these principles, certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal program expenditures scheduled for reimbursement to the City in the succeeding year while unearned revenue represents advances for federal programs that exceed recorded City expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: N
Rate Explanation: The City has not elected to charge a de minimis rate of 10% of modified total costs.
WI DOA – Wisconsin Department of Administration
WI DOR – Wisconsin Department of Revenue
WI DMA – Wisconsin Department of Military Affairs
WI EC – Wisconsin Election Commission
WI DOT – Wisconsin Department of Transportation