Notes to SEFA
Title: Basis of Presentation
Accounting Policies: Modified accrual basis
De Minimis Rate Used: N
Rate Explanation: The Community College elected not to use the 10 percent de minimis cost rate.
The accompanying Schedule of Expenditures of Federal Awards (Schedule) includes the Federal award activity of Western Iowa Tech Community College under programs of the federal government for the year ended June 30, 2023. 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). Because the Schedule presents only a selected portion of the operations of the Community College, it is not intended to and does not present the financial position, changes in financial position or cash flows of the Community College.
Title: Summary of Significant Accounting Policies
Accounting Policies: Modified accrual basis
De Minimis Rate Used: N
Rate Explanation: The Community College elected not to use the 10 percent de minimis cost rate.
Expenditures reported in the Schedule are presented on the modified accrual basis of accounting. Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. 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.
Title: Indirect Cost Rate
Accounting Policies: Modified accrual basis
De Minimis Rate Used: N
Rate Explanation: The Community College elected not to use the 10 percent de minimis cost rate.
The Community College has elected not to use the 10 percent de minimis indirect cost rate allowed under and the Uniform Guidance.