Notes to SEFA
The accompanying schedule of expenditures of federal (the SEFA) includes the federal award activity of the Village under programs of the federal government for the year ended December 31, 2025. The information in the SEFA is presented in accordance with the requirements of 2 CFR Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The accompanying schedule of expenditures of state awards (the SESA) includes the state award activity of the Village under programs of the state government for the year ended December 31, 2025. The information in the SESA is presented in accordance with the Wisconsin State Single Audit Guidelines issued by the Wisconsin Department of Administration. Because the SEFA and SESA present only a selected portion of the operations of the Village, they are not intended to and do not present the financial position, changes in net assets, or cash flows of the Village.
Expenditures reported on the SEFA and SESA are reported on the modified 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. Negative amounts shown on the SEFA and SESA represent adjustments or credits made in the normal course of business to amounts reported as expenditures in prior years.