Notes to SEFA
Accounting Policies: NOTE 1 BASIS OF PRESENTATIONThe accompanying schedules of expenditures of federal awards and state financialassistance present the expenditures of all federal financial assistance programs and statefinancial assistance of the District subject to inclusion under the federal and state singleaudit requirements. Such expenditures are recognized following the cost principlescontained in the Uniform Guidance and the State of Wisconsin Single Audit Guidelines,which in certain types of expenditures are not allowable or are limited as to reimbursement.The reporting entity is defined in Note 1 to the financial statements. The information in thisSchedule is presented in accordance with the requirements of 2 CFR Part 200, UniformAdministrative Requirements, Cost Principles and Audit Requirements for Federal Awards(Uniform Guidance) and the State Single Audit Guidelines. Because the Schedule presentsonly a selected portion of the operations of the District, it is not intended to and does notpresent the financial position or changes in net position of the District.NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe accompanying schedules of expenditures of federal awards and state financialassistance are presented using the modified accrual basis of accounting, which isdescribed in Note 1 to the Districts financial statements.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.