Notes to SEFA
Accounting Policies: The accompanying schedule of expenditures of federal awards (the Schedule) represents the activity of all federal awards for the year ended December 31, 2022. 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). All federal awards received directly from the federal, state and local agencies as well as federal awards passed through other government agencies are included in the schedule for the year ended December 31, 2022. Because the Schedule presents only a selected portion of the operations of Village of Menomonee Falls (the Village), it is not intended to and does not present the financial position, changes in fund balance, or cash flows of the Village. The accompanying Schedule is presented using the modified accrual basis of accounting; whereby, revenues are recognized when earned and expenses are recorded when incurred. The Village applies all Governmental Accounting Standards Board pronouncements in accounting and reporting.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.