Notes to SEFA
Title: Note 2 - Reconciliation of Revenue Reported in the Financial Statements
Accounting Policies: The accompanying schedule of expenditures of federal awards (Schedule) includes the federal grant
activity of Village of Mayville under programs of the federal government for the year ended March
31, 2023. The information in this Schedule is presented in accordance with the requirements of the
Title 2 U.S. Code of Federal Regulations (CFR) 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 of Village of Mayville, it is not intended to
and does not present the financial position or changes in net position of Village of Mayville.
Expenditures reported on the Schedule are reported on the modified accrual basis of accounting.
Such expenditures are recognized following the cost principles contained in the Uniform Guidance,
wherein certain types of expenditures are not allowable or are limited as to reimbursement. Negative
amounts (if any) shown on the Schedule represent adjustments or credit made in the normal course of
business to amounts reported as expenditures.
The Village of Mayville has elected not to use the 10 percent de minimus indirect cost rate to recover
costs as allowed under the Uniform Guidance.
The Village of Mayville does not have any subrecipients.
De Minimis Rate Used: N
Rate Explanation: The Village of Mayville has elected not to use the 10 percent de minimus indirect cost rate to recover
costs as allowed under the Uniform Guidance.
See the Notes to the SEFA for chart/table