Notes to SEFA
Accounting Policies: This accompanying Schedule of Expenditures of Federal Awards includes the federal award
activity of City of Wabasso, Minnesota 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 (Uniform Guidance).
Because the Schedule presents only a selected portion of the operations City of Wabasso, Minnesota,
it is not intended to, and does not present the financial position, changes in net assets, or cash flows
of City of Wabasso, Minnesota. Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such
expenditures are recognized following the cost principles contained in the Uniform Guidance,
where in certain types of expenditures are not allowable or are limited as to reimbursement.
De Minimis Rate Used: N
Rate Explanation: City of Wabasso, Minnesota has not elected to use the 10% de minimis cost rate, as allowed under
Uniform Guidance