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 the revenues and expenditures reported in the fund financial
statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited for reimbursement.
De Minimis Rate Used: N
Rate Explanation: n/a
The accompanying schedules of expenditures of federal awards include the federal grant activity of the City of
Oconto Falls under programs of the federal government for the year ended December 31, 2024. The information
in these schedules is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations
(CFR) Part 200, Uniform Administrative Requirements, Cost Principals, and Audit Requirements for Federal
Awards (Uniform Guidance). Because the schedules present only a select portion of operations of the City, they
are not intended to, and do not, present the financial position and change in net position of the City.
Title: Significant Accounting Policies
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 the revenues and expenditures reported in the fund financial
statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited for reimbursement.
De Minimis Rate Used: N
Rate Explanation: n/a
Revenues and expenditures in the schedules are presented in accordance with the modified accrual basis of
accounting and are generally in agreement with the revenues and expenditures reported in the fund financial
statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited for reimbursement.
The City has not elected to charge a de minimis rate of 10% of modified total costs.
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 the revenues and expenditures reported in the fund financial
statements. Expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein
certain types of expenditures are not allowable or are limited for reimbursement.
De Minimis Rate Used: N
Rate Explanation: n/a
The City’s federal oversight agency is the Department of Administration.