Notes to SEFA
Title: BASIS OF PRESENTATION
Accounting Policies: Expenditures reported on the accompanying schedule of expenditures of federal awards
(Schedule) are reported on the accrual basis of accounting. 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.
De Minimis Rate Used: N
Rate Explanation: The District has not elected to use the 10% de minimis cost rate.
The Schedule includes the federal award activity of the Wild Rice Watershed District 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 for Federal Awards. Because the Schedule presents only selected portions of the
operations of the District, it is not intended to and does not present the financial position, changes
in net position, or cash flows of the District.