Title: Basis of Presentation
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2022-2023 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The accompanying Schedules of Expenditures of Federal and State Awards include the federal grant and state grant activity of Gateway Technical College District (the “District”) and are
presented on the accrual basis of accounting. The information in these schedules 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) and the Wisconsin State Single Audit Guidelines issued by the Wisconsin Department of Administration.
The Schedules of Expenditures of Federal and State Awards include all federal and state awards of the District. Because the schedules present only a selected portion of the operations of the District, it is not intended to and does not present the financial position, changes in net position, or
cash flows of the District.
Title: Oversight and Cognizant Agencies
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2022-2023 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The District's federal oversight agency for audit is the U.S. Department of Education. The District's state cognizant agency is the Wisconsin Technical College System.
Grant monies received and disbursed by the District are for specific purposes and are subject to review and audit by the grantor agencies. Such audits may result in requests for reimbursement due to disallowed expenditures. Based upon prior experience, the District does not believe that such disallowances, if any, would have a material effect on the financial position of the District. As of June 30, 2023 management was not aware of any material questioned or disallowed costs as a result of grant audits in process or completed.
Title: Student Financial Aid Programs
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2022-2023 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
All programs under the Student Financial Aid Program Cluster heading in the Schedule of Expenditures of Federal Awards are considered Student Financial Aid Programs and expenditures are added together to determine if they meet the major program criteria.
Title: Federal Direct Student Loan Program (Direct Loans)
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2022-2023 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The Direct Loans (Federal Assistance Listing Number 84.268) is comprised of the following types of loans:
Subsidized Stafford Loans $ 3,476,468
Unsubsidized Stafford Loans 4,121,586
Plus Loans 10,893
Total Direct Loans $ 7,608,947
Title: Reconciliation of Federal Revenues to Basic Financial Statements
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2022-2023 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The following is a reconciliation of federal revenues per the schedule of expenditures of federal awards to the federal revenues per the District basic financial statements.
Revenues per schedule of expenditures
of federal awards $24,226,570
Add other federal funding 87,156
Revenues per basic financial statements $ 24,313,726
Revenues per basic financial statements
Operating revenue – federal grants $ 16,368,152
Nonoperating revenue – federal grants 7,945,574
Total $ 24,313,726
Title: Reconciliation of State Revenues to Basic Financial Statements
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2022-2023 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The following is a reconciliation of state revenues per the schedule of expenditures of state award to the state revenues per the District’s basic financial statements.
Revenues per schedule of expenditures
of state awards $46,834,951
Add:
Radio Grant 30,000
Other state funding 198,465
Less:
Prior year adjustment (35,383)
Revenues per basic financial statements $ 47,028,033
Revenues per basic financial statements
Operating revenue – state grants $ 3,751,024
Nonoperating revenue:
State Appropriations 43,277,009
Total $47,028,033
Title: Programs Not Subject to Single Audit
Accounting Policies: Revenues and expenditures in these schedules are presented in accordance with the modified basis of accounting and are generally in agreement with revenues and expenditures reporting in the District’s 2022-2023 fund financial statements. Such expenditures are recognized following the cost principles or U.S. Treasury requirements contained in the Uniform Guidance and the Wisconsin State Single Audit Guidelines, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Accrued revenue at year-end consists of federal
and state programs that exceed recorded District expenditures. Because of subsequent program adjustments, these amounts may differ from the prior year’s ending balances.
De Minimis Rate Used: Y
Rate Explanation: The District has elected to use the 10-percent de minimis indirect cost rate allowed under the Uniform Guidance and the State Single Audit Guidelines.
The following programs are included on the Schedule of Expenditures of State Awards but are not subject to the Single Audit Act.
ID Number Funding Agency
835.103 Wisconsin Department of Revenue
Name of Program Amount
State Aid – Personal Property $ 222,862