Notes to SEFA
Accounting Policies: NOTE 1 GENERALThe accompanying schedules of expenditures of federal awards and state financialassistance (the Schedules) include the federal and state award activity of the LakeHolcombe School District (the District) under programs of the federal and stategovernments for the year ended June 30, 2022. The information in these Schedules ispresented in accordance with the requirements of 2 CFR Part 200, Uniform AdministrativeRequirements, Cost Principles, and Audit Requirements for Federal Awards (UniformGuidance) and the Wisconsin State Single Audit Guidelines. Because the Schedulespresent only a selected portion of the operations of the District, they are not intended to anddo not present the financial position, changes in net position, or cash flows of the District.NOTE 2 BASIS OF ACCOUNTINGThe 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. Such expenditures are recognizedfollowing the cost principles contained in the Uniform Guidance and State Single AuditGuidelines, wherein certain types of expenditures are not allowable or are limited as toreimbursement.
De Minimis Rate Used: N
Rate Explanation: The auditee did not use the de minimis cost rate.